Mortgage Rates for Today

Illinois Assistance Programs

Discover the vibrant culture and diverse neighborhoods of Illinois. Explore the iconic city of Chicago or charming small towns. Illinois boasts a strong job market and a central location. Find your perfect place in Illinois with a fantastic mortgage rate.

If you have any questions about securing the best mortgage rates in Illinois, please contact us today. We are here to assist you in finding the mortgage rates that best suit your needs.

State of Illinois first-time homebuyer programs

Through its Access Mortgage program, the Illinois Housing Development Authority offers a variety of fixed-rate home loan options via a network of affiliated lending partners. IHDA-backed financial products don’t require down payments but require contributors to remit at least $1,000 or 1% of the listing cost, whichever is more.

Albeit not obligatory, an initial investment averaging 20% or more of the sale price exempts purchasers from incurring the additional monthly costs associated with Private Mortgage Insurance (PMI). Borrowers with the capability to furnish a somewhat sizeable first installment frequently find doing so prudent, as it safeguards against future indebtedness risks and expenditures throughout loan reimbursement.

IHDA Access Repayable Mortgage

The IHDA Access Repayable Mortgage allots 10% up to $10,000 to cover initial costs. However, unlike the previous first-time homeowners programs in Illinois, remittance recurs without interest over a 10-year term. Similar credit qualifications, income constraints, and the highest affordable home values govern qualification.

State of Illinois down payment assistance

IHDA Access Forgivable Mortgage

This IHDA down payment assistance includes FHA, VA, USDA, or conventional loans to make homeownership attainable. Their Access Forgivable Mortgage allows up to 4% of the purchase price or $6,000 for closing costs and down payment assistance in Illinois that requires no repayment if you reside in the home for a decade. Applicants need a minimum 640 credit score and a debt-to-income ratio below 50%. Income limits vary by county & household size, as do maximum purchase prices.

IHDA Access Deferred Mortgage

Another IHDA down payment assistance program is the Access Deferred Mortgage, allocating 5% or $7,500 for down payment and closing. Unlike the forgiveness feature, this interest-free sum postpones repayment until the loan matures or the property sells or refinances. The same 640 credit score and 50% debt-to-income standards apply, alongside location-based income restrictions.

Other Illinois Homebuyer Programs

The below mentioned programs are for informational purposes only and may not be offered by Total Mortgage. We strive to provide comprehensive information about various mortgage assistance options available in the market. Eligibility requirements and program availability vary depending on your location, income, and loan type. We recommend you contact a Total Mortgage Loan Officer directly for details on qualification and enrollment. Check your eligibility(app.totalmortgage.com/apply?utm_source=assistance-programs)

Inclusion of a program on this website does not constitute an endorsement by Total Mortgage and does not guarantee your eligibility or approval for the program.

FHA Loans

FHA loans can be a suitable selection for those with more modest resources. Insured by the Federal Housing Administration, these first-time buyer grants in Illinois require just 3.5% down and a credit rating as low as 580.

VA Loans

VA loans are an exceptional option for active military, veterans, and surviving spouses. Guaranteed by the Department of Veterans Affairs, rates are frequently reduced, and zero capital is required upfront.

USDA Loans

Those settling in officially designated rural regions may calibrate loans backed by the USDA, incurring no down payment but needing to satisfy area-particular rules.

HomeReady and Home Possible loans

Lastly, programs such as HomeReady and Home Possible, created by Fannie Mae and Freddie Mac specifically for novice homeowners, require a mere 3% investment and are more adaptable regarding earnings.

we’re right around the corner

We have branches across the country. Check to see if we’re in your neighborhood.