Mortgage Loans

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Take advantage of the following mortgage loan programs for those with less than a 20% down payment:

Freddie Mac Home Possible

  • Conventional fixed rate mortgage
  • 3% down payment (may be gift funds, your own funds, or acceptable secondary financing source)
  • Non-occupant borrower(s) are allowed in certain situations
  • Borrower(s) are allowed to have ownership in another property at the time of closing
  • Secondary financing may now include HELOCs for TLTV ≤ 97%
  • Income limits may not exceed 100% of the area median income (not applicable if property is located in an underserved area)
  • Lower mortgage insurance premium

Freddie Mac HomeOne

  • Conventional fixed rate mortgage
  • 3% down payment (may be gift funds, your own funds, or acceptable secondary financing source)
  • Occupant borrowers only
  • At least one borrower must be a first-time homebuyer
  • No geographic or income limits
  • Homebuyer education required for purchase transactions if all borrowers are first-time homebuyers

Downpayment Plus (DPP®) Grant

  • Up to $6,000 per qualifying household
  • Must contribute at least $1,000 from borrower’s own personal funds
  • Borrower receives a match of $3 in grant funds for every $1 in contributed personal funds ($1,000 borrower contribution = $3,000 in grant funds; $1,500 borrower contribution = $4,500 in grant funds; $2,000 borrower contribution = $6,000 in grant funds)
  • Income limits apply per county HUD guidelines
  • Not limited to first-time homebuyers

FHA (Federal Housing Administration)

  • 3.5% down payment (may be gift funds, your own funds, or acceptable secondary financing source)
  • No minimum loan amount
  • Maximum loan amount for most Illinois counties: $271,050 (higher limits available for some northern counties)
  • Not limited to first-time homebuyers

IHDA Access Forgivable (Illinois Housing Development Authority)

  • 1% (or $1,000, whichever is greater) minimum borrower contribution (gift funds acceptable)
  • 4% of the purchase price ($6,000 maximum) down payment/closing cost assistance
  • Grant funds forgiven monthly over 10 years
  • 30-year, fixed rate mortgage with affordable interest rate
  • Available to first-time and repeat homebuyers statewide
  • Minimum 640 credit score
  • Income and purchase price limits apply

IHDA Access Deferred (Illinois Housing Development Authority)

  • 1% (or $1,000, whichever is greater) minimum borrower contribution (gift funds acceptable)
  • 5% of the purchase price ($7,500 maximum) down payment/closing cost assistance
  • Assistance offered as interest-free loan deferred for life of mortgage (repayment required at home sale, refinance, or loan payoff)
  • 30-year, fixed rate mortgage with affordable interest rate
  • Available to first-time and repeat homebuyers statewide
  • Minimum 640 credit score
  • Income and purchase price limits apply

IHDA Access Repayable (Illinois Housing Development Authority)

  • 1% (or $1,000, whichever is greater) minimum borrower contribution (gift funds acceptable)
  • 10% of the purchase price ($10,000 maximum) down payment/closing cost assistance
  • Assistance offered as interest-free loan repaid monthly over 10 years
  • 30-year, fixed rate mortgage with affordable interest rate
  • Available to first-time and repeat homebuyers statewide
  • Minimum 640 credit score
  • Income and purchase price limits apply

Rural Development

  • 100% financing, no down payment
  • Competitive fixed interest rate
  • Generous income limits (per county guidelines)
  • No maximum purchase price
  • May allow eligible gift and/or grant programs
  • Not limited to first-time homebuyers

Illinois ASSIST Home Ownership Grant

  • Fully forgivable grant
  • No second mortgage, deed restriction, lien, or retention agreement required
  • May be combined with Down Payment Plus grant
  • Available to all potential borrowers
  • Minimum credit score 640
  • Available grant amount is 2%-5% of loan amount
  • Loan programs include USDA, FHA, and Freddie Mac HFA Advantage
  • Income limits apply and are based on the county of purchase

Contact Our Mortgage Team

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