The following program is available in Illinois. Please see below for eligible areas.
Illinois Assist Homeownership Program
The information below is for GUIDANCE ONLY.
If you have any questions about your eligibility, please contact a LOAN OFFICER for this program by clicking HERE.
ELIGIBLE AREAS – For a list of the participating areas, please CLICK HERE
ELIGIBILITY CRITERIA –
- Borrowers and anyone secondarily liable on the Note must be first-time buyers.
- Buyers must live in the property they purchase as their principal residence.
- All applicants must be considered irrespective of age, race, color, religion, national origin, sex, marital status, military status or physical handicap.
- Buyers must occupy the property purchased within 60 days of closing.
DOWN PAYMENT ASSISTANCE – The Down Payment Assistance Grant is available ONLY with the Assist Homeownership first mortgage loan. Assistance amount is subject to change at any time. Check the eHousingPlus system.
INCOME LIMIT AND SALES PRICE LIMIT – CLICK HERE
HOMEBUYER EDUCATION – Required. See loan officer for approved providers.
ELIGIBLE PROPERTY – Residential, new or existing, one to four units, detached or attached, condos, townhomes.
FICO/DTI REQUIREMENT –
DTI – The maximum debt-to-income (DTI) ratio is 45%.
|Loan Product||FICO Requirement||Assistance Amount|
|FHA||660+ WITH Manual Underwriting||4%|
|FHA||640+ WITH Manual Underwriting||3%|
|FHA||660+ WITH Manual Underwriting||2%|
|FHA||640+ WITH Manual Underwriting||1%|
|Freddie Mac HFA Advantage||640+||3%|
|Freddie Mac HFA Advantage||640+||5%|
CO-SIGNERS – Permitted for FHA loans under very specific conditions.
PAGE LAST UPDATED: Sep 19, 2017