The Land of Lincoln. The beautiful downtown skyline. The Cubs (World Series Champions!). First-time home buyers can find many reasons to move to Illinois, whether they’re looking for the big-city energy of Chicago, suburban life in Naperville (ranked as one of the country’s best places to live), or the small-town feel of Galena.
Why People Want To Move To Illinois
Boasting almost 13 million people, Illinois is the 5th most populous state in the U.S. and is home to many major industries, including finance, agriculture, energy, manufacturing and insurance. Chicago is famous for world-renowned museums like the Art Institute of Chicago and the Museum of Science & Industry, deep-dish pizza and a list of festivals a mile long, but there are plenty of other activities to do throughout Illinois, including both water and snow skiing, golfing, wine tasting and exploring over 60 state parks. With plenty of family-friendly cities and towns, year-round indoor and outdoor recreation, a host of professional sports teams and top-ranked choices for food, arts and culture, it’s no surprise why first-time home buyers would choose to move to Illinois.
2017 First Time Buyer Programs & Loan Pre-Approval In Illinois
Looking for a buyer program specific to IL? If you’re confused about your options, give us a call at 615-873-0367.
USDA – 100% financing and 0% down payment
- Property must be located in an eligible area. Check property eligibility.
- Income restrictions do apply. These are determined by county.
- Loan Purpose:Purchase or Limited cash-out rate and term refinance
- Occupancy is 1-4 units Principal Residence.
- Loan to Value up to 97%
- NO First Time home-buyer requirement
- Adjustable rate and Fixed rate options available.
- No Income Limits in low-income census tracts
- 100% AMI (area medium income) census tracts or designated disaster areas
- 80% of AMI in other tracts. Use this link to see your eligible AMI https://www.fanniemae.com/
- Occupant may not have an ownership interest in any other property at the time of closing
- Non -Occupant borrowers are permitted at max 95% LTV, income can be considered as part of qualifying income. No property limitation on ownership of other property for the non-occupant borrower
- Standard debt to income is 45%, in certain cases up to 50%
- Home Ownership education is required and certificate must be retained in the mortgage file.
GOOD NEIGHBOR NEXT DOOR – These homes are 50% off
- Police Officers, Firefighters, Teachers, and Emergency Technicians are eligible
- Find Eligible Homes Here.
100% GIFT FOR DOWN PAYMENT
- Can be Conventional or FHA Loan
- Gift can come from a family member, church, employer, etc..
FHA – 3.5% down payment required
- The most common loan for a first time home buyer
- The whole down payment can be from a gift
- Flexible underwriting guidelines
- The seller can pay your closing costs up to 6%
- Non Occupant Co signers are allowed
- Check single family, condo, and 2-4 unit property loan limits
Are you a first time buyer? It doesn’t matter if you’re in Illinois, Colorado or Utah we can help you get pre-approved!