Update On Home Buyer Grants For Illinois

Dated: January 19 2018

Views: 221

This is a Game Changer New Down Payment Grant programs of $6000, $7500 & $10,000 coming soon! You NO Longer have to be a 1st time Home Buyer and there are no longer COUNTY restrictions in Illinois.

Below is a summary of what the new programs are supposed to be and what was presented yesterday. THIS IS SUBJECT TO CHANGE, but is intended to roll out February 1st.

All programs follow rules - Income, credit score, DTI, etc.

1stHomeIllinois stays - 1st time homebuyer only, 10 counties only, no new construction - $7500 - no payments - forgiven over 5 years. If borrower sells or refinances in first 5 years, pays back a pro-rated portion of the $7500

@HomeIllinois is over February 1st

Programs that start February 1st:

All access programs are 1st time and NON-FIRST time homebuyers. ANY COUNTY. NEW CONSTRUCTION OK!!!

Access 4% - 4% of purchase price up to $6000 - no payments - forgiven over 10 years. If borrower sells or refinances in first 10 years, pay back a pro-rated portion of DPA received.

Access 5% - 5% of purchase price up to $7500 - no payments - FULL amount is paid back when the sell, refinance or pay the mortgage back - could be 30 years from now, but you pay it back.

Access 10% - 10% of purchase price up to $10,000 - 2nd mortgage paid back at 0% over 10 years. Take DPA amount divided by 120 and that is their monthly payment on the 2nd mortgage.

Written by William Piotrowski with Diamond Mortgage in Naperville130 W Jefferson, Suite 208.  630-881-8655

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Katherine Rubis

Kathy has lived in Plainfield for over 10 years. She is originally from Lemont and studied at the University of Illinois where she received her Bachelor's degree in both Marketing and Management. Prio....

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