Is the thought of not having enough money for a down payment keeping you from buying a home? Many potential buyers out there have a solid employment history and good credit scores. What they are lacking is that substantial savings for a down payment on the home of their dreams.
Well, Illinois is offering assistance to eligible buyers. There are a few different programs available to give buyers that extra flexibility that could make the difference between settling on a home or getting the home you really want.
1st Home Illinois
This grant offers $7500 cash assistance that can be applied toward down payment and closing costs. The general requirements for this program are:
- First-time home buyers or anyone that hasn't owned a home in the last 3 years
- Must be the buyers primary residence and must be lived in for at least 5 years.
- Must meet the income and credit score requirements
@ Home Illinois
Not a first time buyer? This program may be the one for you! Available to first time buyers and repeat buyers, this grant offers up to $5000 cash assistance for down payment. This has similar requirements as 1st Home Illinois, but requires that the purchased property be your primary residence for 10 years.
For detailed information regarding these assistance programs, please visit this website for more information.