First Time Home Buyer Programs Available For You

Finance

If you happen to be in the area around Wisconsin or Illinois and trying to find an FHA loan for your first home, we can help you with our homebuyer programs with down-payment assistance. Programs and its availability usually vary by states. There are several options to choose from in our First Time Home Buyer Programs.

Wisconsin Housing and Economic Development Authority (WHEDA) Loan

This program offers a WHEDA Advantage plan for first time home buyers. It features low payments for monthly mortgage, small down payment, and closing cost assistance. A 30-year fixed interest rate is one of the benefits. If you are looking for an effective but easy First Time Home Buyer Programs, the WHEDA Advantage Home Loan might be right for you. This program is designed to save your money today and in the future.

For you to be eligible for the loan, you need to be qualified for the conventional WHEDA Advantage loan and must not own a principal place of residence in the last three years. They will review your income and purchase limits. You also need to sign up to attend homebuyer education classes and find a participating WHEDA lender in your area.

Illinois Housing Development Authority (IHDA) Grant and Loan Program

This program is exclusively available in Illinois has very favorable terms and mortgage loan combined, and that can be applied to your down payment. There is a fixed interest rate in the loan and assistance for a grant. They make the process as streamlined as possible. To be eligible for this program, your household income and purchase price limits apply, and 640 is required as the minimum credit score; both new construction and existing homes are eligible.

You must be a first-time homebuyer who can pay $1000 or 1 percent of the grant’s purchase price. You need to adhere to IHDA’s credit requirements, you must agree to live in the new home as your primary residence, and you also need to attend homeownership counseling.

Down payment Plus

This is a matching program that works on a 3:1 ratio of the net contribution of the homebuyer. It is capped at $6000; 25 percent of the first mortgage. It is the Federal Home Loan Bank (FHLB) of Chicago that offers this easy to access down payment and closing cost assistance for very low or moderate-income homebuyers to help them afford upfront costs that comes when you buy a home.

If you are interested and would like to apply for the programs, we are available to help you pick the one that fits for you.

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