| Programs of this type: |
| Chicago City Mortgage Program |
| The City Mortgage Program provides first-time homebuyers apply for a low-interest mortgage through the City Mortgage Program. This program provides mortgage financing and gift assistance to qualified buyers of owner-occupied residential properties. The assistance is equal to 4% of the mortgage amount and must be used to pay closing costs or as down payment assistance. |
| Applicants for the City Mortgage program must be first-time home buyers. Non first-time home buyers are also eligible if they purchase a home in a designated target area |
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| IHDA H.E.L.P. Home Equity Loan Program |
| IHDA’s – H.E.L.P. offers qualified first time homebuyers 4.25% of the purchase price of a house as a “gift” which can be used for the 3% downpayment and the 1.25% for the origination fee. The interest rate for this loan program is currently at 5.75%. (RATES ARE SUBJECT TO CHANGE AT ANY TIME.) |
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| IHDA First-time homebuyer program |
| IHDA helps low- and moderate-income families become first-time homeowners. We fulfill this important mission through a number of initiatives and programs. |
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| IHDA Mortgage I-Loan Certificate (MCC) |
| The I-Loan Certificate (Mortgage Credit Certificate, a.k.a. MCC) allows first-time homebuyers to receive a dollar for dollar reduction in federal income taxes of 25 percent of their mortgage interest. This reduction is in addition to the standard income tax deduction available when purchasing a home. Please keep in mind that the I-Loan Certificate is not a loan in and of itself. It is a tax credit |
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| Oak Park: Homebuyer assistance |
| Four programs for first time buyers are offered through the Village's tax exempt bonding authority and available through participating lending institutions. The Illinois Housing Development Authority (IHDA) administers three programs, and a private firm ministers the fourth. Funds usually become available for these programs in April or May, and are offered on a first-come, first-served basis. Homes purchased must fall within prescribed purchase price limits, and the purchasing household's income must fall within a prescribed maximum. |
| The purchaser must not have owned a home in the prior three years, must have sufficient income to support a mortgage payment (as determined by the lender), and must attend two homebuyer counseling sessions. |
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| DuPage County- Homestead and Housing Choice Programs |
| Both of these programs provide education, counseling and a reduced-interest financing package that significantly boosts the purchasing power of low and moderate income persons to help them buy a home. Additionally, the Housing Choice program allows current Housing Choice ('Section 8') Voucher Holders to use their subsidy toward a mortage payment. |
| See URL below for eligibility requirements |
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| Will County FirstHome Program |
| FirstHome is a first-time homebuyer program for economically challenged households in Will County who have maximized their household working hours but remain unable to purchase a home. FirstHome is designed to help close the gap between income and houing affordability in Will County for full-time working households who are projected to be at or under 70% of the area median income for the upcoming 12 months. |
| see URL below for eligibility requirements |
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| Aurora- Assist Program |
| The Assist Program gives first-time homebuyers the opportunity to buy a home by providing a lower-rate interest plus monies available for down payment and - or closing cost assistance. Call Department of Neighborhood Redevelopment for a list of participating lenders. |
| Call DNR for a list of participating lenders |
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| Aurora- Real Estate Transfer Tax Rebate |
| For participants in the Assist Program or the Mortgage Credit Certificate (MCC) Program who purchase property in one of the City's targeted neighborhoods, the City will refund its portion of the real estate transfer tax to the buyer. This is a seller expense but a buyer's benefit, and it averages around $200 after closing. |
| Contact DNR at 264-8280 for information on what supporting documents need to be submitted in order to receive the benefit. |
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| Aurora- Mortgage Credit Certificate Program |
| The Mortgage Credit Certificate Program provides first-time homebuyers with a credit on their income taxes equal to one-fourth of the interest paid in each year for the life of the mortgage. Maximum annual credit is 2,000. |
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| HUD- Cities that offer homebuying assistance programs |
| The cities listed on URL below offer various incentives for Homebuying. Contact the city for details. (see URL) |
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| HUD- Public Housing Vouchers for Homeownership |
| This is a new program, which if adopted by local Housing Authorities, allows tenants with Housing Choice Vouchers, to use those vouchers to buy a home. These are the Housing Authorities in Illinois, which are participating in the program. There will be more in the future. Rock Island Housing Authority DuPage Housing Authority Chicago Housing Authority Rockford Housing Authority |
| For more information, contact the Housing Authority in your community to see if they are making plans to use Housing Choice Vouchers to create new homeowners. |
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| Chicago Location Efficient Mortages |
| The Location Efficient Mortgage®‚ (LEM) is a mortgage that helps people become homeowners in location efficient communities. These are convenient neighborhoods in which residents can walk from their homes to stores, schools, recreation, and public transportation. People who live in location efficient communities have less need to drive, which allows them to save money and improves the environment for everyone. |
| Call: The Center for Neighborhood Technology Dave Chandler 0, ext. 123 |
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| Kane County- Homebuyer Assistance Program (HAP) |
| The HOMEBUYER Assistance Program helps individuals in Kane and DeKalb counties who have incomes of 80 percent, or below, of the local median income. The program may assist with the down payment and closing costs. In addition, funds may be available for repairing or updating the home in order to meet Housing Quality Standards. Local, participating banks provide first mortgages to eligible applicants. Loans are 30 year, fixed rate, conventional loans at one-quarter percent discount. |
| incomes of 80 percent, or below, of the local median income |
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| HUD- 203(k) loan |
| The purchase of a house that needs repair is often a catch-22 situation, because the bank won't lend the money to buy the house until the repairs are complete, and the repairs can't be done until the house has been purchased. HUD's 203(k) program can help you with this quagmire and allow you to purchase or refinance a property plus include in the loan the cost of making the repairs and improvements. The FHA insured 203(k) loan is provided through approved mortgage lenders nationwide. It is available to persons wanting to occupy the home. The downpayment requirement for an owner-occupant (or a nonprofit organization or government agency) is app |
| See URL for details. |
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| Schaumburg: First Time Homebuyers Program |
| Through the Home Equity Loan Program (HELP) and Assist Program, first time homebuyers can receive a gift of 4.25% of the home's purchase price to be used toward their down payment and the mortgage origination fees that are commonly associated with closing costs. |
| Homebuyers must meet income and purchase price limits to qualify for the program (see URL below) |
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| Mortgage Awareness Program |
| Mortgage Awareness Program (MAP) to help consumers protect themselves from predatory lenders. Credit Counselor listing is provided by a link to the Illinois Department of Financial Institutions website. For questions regarding this list, please contact te Department of Financial Institutions at 9 or 5 or email them at |
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| DuPage Homeownership Center: Reduced interest financing pack |
| Special reduced-interest financing packages are available for eligible low-income households to help boost their purchasing power. |
| low-income requirements |
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| Chicago Federal Home Loan Bank- Downpayment Plus® Program |
| The Downpayment Plus® Program, which is available to any member financial institution, allows participating members to provide downpayment and closing cost assistance grants when they provide first mortgage financing to income-eligible home buyers. Grants of up to $4,000 are available to borrowers whose incomes are 80% or less of the area median income. Funds are available on a first come, first served basis, with per-member limits established yearly. The funds are separately administered for each state by non-profit organizations. Members who want to participate in the program should contact the program sponsor for the state in which they are headquarter |
| See URL for more details. |
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| HUD- 203(b) Mortage Insurance |
| To provide mortgage insurance for a person to purchase or refinance a principal residence. The mortgage loan is funded by a lending institution, such as a mortgage company, bank, savings and loan association and the mortgage is insured by HUD. |
| See URL for details. |
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| HUD- Energy Efficient Mortages FHA Mortage Insurance |
| In 1992 Congress mandated a pilot demonstration of energy-efficient mortgages (EEMs) in five States. In 1995 the pilot was expanded as a national program. FHA insured 16,000 EEMs in FY1998 (1.5 percent of total FHA loans) 30,044 EEMs in FY1999 (2.3 percent of total FHA loans) and 28,578 in FY2000 (3.1 percent of total FHA-insured loans). EEMs recognize that reduced utility expenses can permit a homeowner to pay a higher mortgage to cover the cost of the energy improvements on top of the approved mortgage. FHA EEMs provide mortgage insurance for a person to purchase or refinance a principal residence and incorporate the cost of energy-efficient... |
| see URL for details. |
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| HUD Mortage Insurance Programs Indian Reservations and Other |
| A family who purchases a home under this program can apply for financing through a HUD approved lending institution such as a bank, savings and loan, or a mortgage company. To quality, the borrower must meet standard FHA credit qualifications. An eligible borrower can receive approximately 97% financing . An eligible party can produce a gift for the downpayment. Closing cost can be financed; covered by a gift, grant, or secondary financing; or paid by the seller without reduction in value. |
| See URL for more details. |
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| DuPage- Just Homes |
| CHAD provides a solution to home ownership in DuPage County through a community land trust program in which first-time homeowners buy the house and lease the land. When the homeowners sell the house, CHAD buys it back at 60 percent of the appraisal price at the time of the sale. |
| Call for more information |
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| NHS: Mortgage and Purchase/Rehab loan program |
| · A 30-year fixed-rate first mortgage for 80% of the total project cost (purchase price plus rehab, closing and soft costs). · Customers using the NHS first mortgage loan can qualify for NHS’ Gap Financing (below) and do not have to purchase Private Mortgage Insurance. · Special consideration is given to the rental income for a two- to four-unit building. · Minimal down payment requirements: from 1 to 5% of either the purchase price (if there is no rehabilitation required) or the total project cost. · Licensed, insured contractors must perform all rehabilitation work,and an NHS construction specialist will monitor the construction process. |
| Some income and neighborhood eligibility requirements apply. |
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| NHS: Gap Loans |
| NHS offers First–time Homebuyers a loan that combines with their down payment and is used for the purchase and - or rehabilitation of an eligible home. Gap loans are second mortgages at the same rate as the primary NHS mortgage. |
| See URL for more details |
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| Chicago TaxSmart Mortgage Program |
| TaxSmart is a Mortgage Credit Certificate (MCC) program which entitles first-time home buyers to a federal income tax credit. A tax credit is a direct reduction of taxes due. Under the program, a home buyer would receive an MCC to reduce income taxes by an amount equal to 20% of the interest paid on a mortgage. The tax credit is available each year the home buyer continues to live in a home financed under this program. |
| Must be a First Time Home Buyer. Non first-time home buyers are also eligible if they purchase a home in a designated target area. The program is intended to benefit low- and moderate-income households. Call 311 for more details |
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| Chicago Partnership for Affordable Neighborhoods |
| CPAN, a partnership between the City of Chicago and developers, is a tool to ensure opportunities for affordable condominiums and single family homes in market rate developments, particularly in appreciating neighborhoods, through two steps: a developer write-down and possible purchase price assistance to homebuyers. Participating developers reduce the purchase price to an affordable level on a percentage of the units in a market-rate development. The difference between the market value and the affordable price is recaptured as a junior mortgage, assigned to the Chicago Low-Income Housing Trust Fund. See URL for more |
| Eligible purchasers will include families with income ranges up to 100% of the area median who are either first-time homebuyers or who have not owned a home within the past three years.(See URL for more) |
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| Chicago New Homes for Chicago |
| The New Homes for Chicago program is an affordable homeownership initiative offered by Mayor Richard M. Daley through the City of Chicago's Department of Housing to create homeownership opportunities for city residents. Now in its eleventh year, the City's New Homes for Chicago program has approved over 65 developments, or over 1,600 new affordable single-family or two-flat homes, which are either completed or in process throughout Chicago. |
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| Chicago Neighborhood Lending Program |
| Through the Neighborhood Lending Program, the City of Chicago and Neighborhood Housing Services (NHS), provide first and second mortgage loans for the purchase and purchase - rehab of 1Ð4 units for homeowners who might otherwise not be able to purchase a home. Subsidy resources are also available to eligible households to complement mortgage loans. |
| Program eligibility will be determined by NHS based on annual gross household income. A minimum of 60% of subsidy funds will be provided to households under 80% of area median income. That's about $45,200 for a family of four. |
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| Chicago Teacher Housing Resource Center (HUD) |
| HUD Teacher Next Door - the U.S. Department of Housing and Urban Development (HUD) offers a 50% discount to any public or private school teacher or school administrator of grades K-12 who purchases select HUD properties (usually in need of renovation) in certain 'Revitalization Areas.' |
| For more information, call HUD at: 7 |
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| DuPage County The 2002 Home Equity Loan Program (HELP) |
| DuPage County and the Illinois Housing Development Authority (IHDA) have partnered to help first-time homebuyers reap yet another benefit of homeownership. . . assistance with down payments and origination fees, thanks to the Home Equity Loan Program (HELP). |
| For more information about First-Time Homebuyer eligibility, please call the IHDA Home Line at 9 |
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| Chicago Asset Control Area Program |
| The Asset Control Area Program began in 2000 when the US Department of Housing and Urban Development granted funds to municipalities to help rehab 1-4 unit buildings. The Department of Housing developed the ACA Program, using these federal dollars to partially fund its local nonprofit partners Hispanic Housing Development Corporation and Neighborhood Housing Services of Chicago. Funds were made available over a three year period and were not to exceed $40,000 for each one-unit residential property and $50,000 for each two- to four-unit residential property. Administrative expenses were also funded with a maximum limit of $1,056,000 for the Asset Control |
| Total household income of purchasers of these properties cannot exceed 115% of median income for the Chicago area. Sales price must be 110% or less of the eligible expenses incurred to rehab the property. |
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| Chicago Public Schools Teacher Housing Assistance |
| The Chicago Public School's Teacher Housing Resource Center website offer information on an array of programs available to teachers within the city. |
| See URL for details |
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| IHDA Mortgage Revenue Bond (MRB) Program |
| This program offers 30-year fixed-rate mortgage products with interest rates approximately ½ percent below market rates. Borrowers must be first-time buyers (except in targeted areas*), with income and purchase price not exceeding specified limits. Underwriting standards are standard conventional “affordable housing” standards as published by the major Private Mortgage Insurance (PMI) companies and Fannie Mae - Freddie Mac. |
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| IHDA Rural Guarantee Housing Initiative |
| The Rural Guarantee Housing Initiative targets individuals - families with income at or below 65% of county median income(income limits determined by IHDA). Applicants must be first time homebuyers or not have owned a home within three years. This program will serve the rural counties of Illinois. Cities of population less than 20,000 (10,000 outside a metrostatistical area) are eligible. The Illinois Housing Development Authority (IHDA) will supply $15 million in below market, fixed rate mortgage funds. Current interest rate will be posted at http: - - www.pfho.org. United States Department of Agriculture Rural Development (USDA RD) will guarantee th |
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| IHDA- Will County Homebuyer Program |
| The loan consists of a 30-year fixed-rate, first mortgage at: 5.25%, 0 points or 5.5%, 0 points with up to $1,000 in closing cost assistance or 5.670%, 0 points and up to $1,500 in closing cost assistance A second mortgage from Will County HOME of up to $15,000 at 0% and forgiven at a rate of 1 - 120th per month. |
| Be a first-time homebuyer. Have a household income at or below 60% of area median for the last four years. Have worked or resided in Will County for the last 12 months Be purchasing a home within Will County. (City of Joliet residents are not eligi |
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| IHDA Homebuyer Assistance and Rehabilitation/Program |
| Homeownership is a dream for most Americans, regardless of their income level. That’s why HOME offers down payment, closing cost and rehabilitation assistance to low-income homebuyers who make the purchased home their principal residence and rehabilitate it according to IHDA and HUD standards. Before receiving HOME assistance, prospective homebuyers must take part in homeownership counseling to ensure they understand budgeting and personal financial management, home maintenance, the mortgage loan process, legal documents and obligations associated with buying a home, and “work-out” options they have with mortgage lenders in case financial problems arise. |
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| Illinois Homeownership Coalition for People with Disabilitie |
| Down-payment assistance and lowered interest for people with disabilities seeking to buy a home. |
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| CEDAs Comprehensive Housing Counseling |
| Comprehensive Housing Counseling offers advice and assistance to help you improve your housing conditions and meet the responsibilities of home ownership and tenancy. Housing issues covered are: How to buy or rent, deal with delinquency and default, conserve energy, solve relocation and displacement problems and access emergency services. This Program includes: *Home Maintenance Seminars *Housing Consumer Educiaton *Home Improvement - Rehabilitation *Information and Referrals to other community resources helpful to homeowners and tenants. |
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