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.

Loan Program Name
Loan Program Requirements
Downpayment Requirements
Program Limiations
Loan Program Benefits
USDAProperty must be located in an eligible area. Check property eligibility.100% financing and 0% down paymentIncome restrictions do apply. These are determined by county.100% financing and 0% down payment
HomeReady Program - Purchase or Limited cash-out rate and term refinance.1.) Home Ownership education is required and certificate must be retained in the mortgage file.
2.) Occupancy is 1-4 units Principal Residence.
1.) Standard debt to income is 45%, in certain cases up to 50%.
2.) Occupant may not have an ownership interest in any other property at the time of closing.
1.) 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.
2.) Loan to Value up to 97%.
1.) NO First Time home-buyer requirement.
2.) Adjustable rate and Fixed rate options available.
3.) No Income Limits in low-income census tracts.
4.) 100% AMI (area medium income) census tracts or designated disaster areas
5.) 80% of AMI in other tracts. Use this link to see your eligible AMI. - https://www.fanniemae.com/singlefamily/mortgage-products
100% GIFT FOR DOWN PAYMENTCan be Conventional or FHA LoanGift can come from a family member, church, employer, etc..
FHA - The most common loan for a first time home buyer. FHA Requires a minumum 3.5% down payment1.) Minimum FICO score of 620. 2.) 640 plus credit score is ideal. If you are below 640 then additional terms must be met and are considered on a case by case basis.3.5% down payment required
Check single family, condo, and 2-4 unit property loan limits1.) Flexible underwriting guidelines
2.) The whole down payment can be from a gift
3.) The seller can pay your closing costs up to 6%
4.) Non Occupant Co signers are allowed

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!

Related Home Buying Posts