@HomeIllinois

First-Time Buyer

Congratulations on the decision to buy your first home! With interest rates at historical lows and rents at an all-time high, there’s no better time to buy a home than now.

The @HomeIllinois mortgage is a safe, 30-year, fixed rate mortgage. That means your interest rate will never change. Are you concerned about saving for the down payment? With @HomeIllinois, the buyer contribution is $1,000 or 1 percent of the purchase price, whichever is greater. So for as little as $1,000 out of pocket, you can get into your first home.

Let’s get started.

@HomeIllinois is a 30-year fixed rate mortgage with a variety of options to choose from. The options you choose will determine the interest rate for your loan. Options include:

  • $5,000 down payment or closing cost assistance
  • Federal tax credit certificate
  • Lender paid mortgage insurance
  • Choice of FHA, VA, USDA or Conventional loan type

Requirements:

  • Contribute $1,000 or 1 percent of the purchase price, whichever is greater
  • Meet the income and purchase price limits
  • Meet the credit requirements
  • Live in the home as your primary residence
  • Complete homeownership counseling (online and in-person options available)

Have additional questions? Visit the FAQ page of our website.

Ready to get started? Choose a qualified lender from IHDA’s network and they will guide you through the quick and easy process. Find a lender today!

 


Repeat Buyer

Are you looking to upgrade, downsize or simply change zip codes? The @HomeIllinois mortgage is the mortgage for you. For the first time ever, IHDA is offering $5,000 in down payment or closing cost assistance to repeat buyers. With interest rates at historical lows, there’s no better time to buy your next home than now.

The @HomeIllinois mortgage is a safe, 30-year, fixed rate mortgage. That means your interest rate will never change. Are you concerned about saving for the down payment? With @HomeIllinois, the buyer contribution is $1,000 or 1 percent of the purchase price, whichever is greater. So for as little as $1,000 out of pocket, you can get into your next home.

Let’s get started.

@HomeIllinois is a 30-year fixed rate mortgage with a variety of options to choose from. The options you choose will determine the interest rate for your loan. Options include:

  • $5,000 down payment or closing cost assistance
  • Lender paid mortgage insurance
  • Choice of FHA, VA, USDA or Conventional loan type

Requirements:

  • Contribute $1,000 or 1 percent of the purchase price, whichever is greater
  • Meet the income and purchase price limits
  • Meet the credit requirements
  • Live in the home as your primary residence
  • Complete homeownership counseling (online and in-person options available)

Have additional questions? Visit the FAQ page of our website.

Ready to get started? Choose a qualified lender from IHDA’s network and they will guide you through the quick and easy process. Find a lender today!

 


Refinance

With interest rates at historical lows, there’s no better time to refinance than now. The @HomeIllinois mortgage is a safe, 30-year, fixed rate mortgage. That means your interest rate will never change. You can choose an FHA, VA, USDA or Conventional loan type, whichever is best for you.

Requirements:

  • Meet the income and purchase price limits
  • Meet the credit requirements
  • Live in the home as your primary residence
  • Complete homeownership counseling (online and in-person options available)

Have additional questions? Visit the FAQ page of our website.

Ready to get started? Choose a qualified lender from IHDA’s network and they will guide you through the quick and easy process. Find a lender today!

Income & Purchase Price Limits* – Effective 8/1/16 

Maximum Income Limits Maximum Purchase Price Limits*
Location of Home Household of 2 or Less Household of 3 or More Newly Constructed Home Existing Home Two-unit Property
*Price limits refer to the appraised value of the existing home in case of refinance. 
**All other counties includes the following eighty-five (85) counties: Adams, Alexander, Bond, Brown, Bureau, Calhoun, Carroll, Cass, Christian, Clark, Clay, Clinton, Coles, Crawford, Cumberland, De Witt, Douglas, Edgar, Edwards, Effingham, Fayette, Franklin, Fulton, Gallatin, Greene, Hamilton, Hancock, Hardin, Henderson, Henry, Iroquois, Jackson, Jasper, Jefferson, Jersey, Jo Daviess, Johnson, Kankakee, Knox, La Salle, Lawrence, Lee, Livingston, Logan, Macon, Macoupin, Madison, Marion, Marshall, Mason, Massac, McDonough, Mercer, Monroe, Montgomery, Morgan, Moultrie, Ogle, Peoria, Perry, Pike, Pope, Pulaski, Putnam, Randolph, Richland, Rock Island, Saline, Schuyler, Scott, Shelby, St. Clair, Stark, Stephenson, Tazewell, Union, Vermillion, Wabash, Warren, Washington, Wayne, White, Whiteside, Williamson, Woodford.
The income calculation includes all income generated by persons 18 years of age or older who will live in the household, regardless of who is actually on the title (for more information, see the Household Income section on page 10 of the IHDA Procedural Guide.)
• Some of these limits have been determined by a Private Letter Ruling issued by the IRS to the Authority.
• These limits may be used only in connection with Authority Programs.
• Use of these limits in connection with other Bond Programs is prohibited. Effective 8/01/2016
Cook, DuPage, Kane, Lake, McHenry, Will  $79,432 $91,347 $344,819 $344,819 $441,419
DeKalb  $80,848 $92,976 $344,819 $344,819 $441,419
Grundy  $81,300 $93,495 $344,819 $344,819 $441,419
Kendall  $89,800 $103,270 $344,819 $344,819 $441,419
McLean  $87,700 $100,855 $255,573 $255,573 $327,186
Champaign, Ford, Piatt  $72,500 $83,375 $255,573 $255,573 $327,186
Menard, Sangamon  $73,700 $84,755 $255,573 $255,573 $327,186
Boone, Winnebago  $74,040 $86,380 $319,879 $319,879 $409,502
*All Other Counties  $72,300 $83,145 $255,573 $255,573 $327,186

 

  • IHDA's First-Time Home Buyer Program
  • Having the opportunity to get that assistance really allowed us to do a lot of the things that we wanted to do immediately. You can see the things that we've been able to put in because of the assistance that IHDA gave us... It's a great investment and I would not take anything back

    Patrick Yocum
    Bloomington