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DPA PROGRAM IN ILLINOIS
What type of down payment assistance mortgage programs are available for first-time homebuyers in Illinois with 600 credit scores.
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In Illinois, there are many programs for first-time home buyers with credit scores around 600 who may need help with down payments. Some of them are….IDHA access is forgivable. IDHA first-time homebuyer home loans are offered by the Illinois Housing Development Authority (IDHA) and give four percent of the purchase price. Up to $6k of the down payment assistance funds from IDHA are forgiven over ten years if you stay in the house and have access deferred. This down payment assistance loan also comes from IDHA. However, it offers five percent of the cost (or $7500) as assistance that can be paid back when you sell/refinance your home. No interest accrued during this period either. Another option is IDHA access repayable. IDHA Access Payable provides ten percent down payment support for a max amount of $10k, which is repayable monthly without charging any interest rate. FHA loans have minimum credit requirements set at 580 for a 3.5% down payment home purchase. FHA loans are more flexible statewide than these other local initiatives.
There’s also the USDA Rural Development loan program where homebuyers can use the IDHA down payment assistance program. Qualified applicants get one hundred percent financing on homes in eligible rural areas. Many cities and counties across Illinois offer their versions, too, such as Chicago’s home buyer assistance program. Be aware that eligibility often depends upon factors like income caps, purchase price caps, and location limits, so look into those before giving up hope based solely on your current financial situation.
Attached is an informative guide to the IDHA down payment assistance program that you may find useful. Please do not hesitate to ask any questions about IDHA or any other down payment assistance program offered at Gustan Cho Associates.
https://gcamortgage.com/idha-down-payment-assistance/
gcamortgage.com
IDHA Down Payment Assistance Mortgage Program
Homebuyers in Illinois can purchase a home with no down payment and closing costs with the IDHA Down Payment Assistance program