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)
- Income limits may not exceed 80% of the area median income (not applicable if property is located in an underserved area)
- Available to first-time buyers and repeat buyers
- Lower mortgage insurance premium
Freddie Mac Borrowsmart℠ Assistance
- Up to $1,500 in down payment/closing cost assistance based on area median income and other eligibility criteria
- Not a loan and no repayment is required
- Available to first-time buyers and repeat buyers
- Only available with certain loan programs
- Additional program terms, fees, and restrictions may apply
Freddie Mac HomeOne℠ Program
- Conventional fixed rate mortgage
- 3% down payment (may be gift funds, your own funds, or acceptable secondary financing source)
- No geographic or income limits
- At least one borrower must be a first-time homebuyer
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
- Available to first-time buyers and repeat buyers
FHA (Federal Housing Administration) Program
- 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)
- Available to first-time buyers and repeat buyers
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 buyers and repeat buyers
- 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 buyers and repeat buyers
- 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 buyers and repeat buyers
- Minimum 640 credit score
- Income and purchase price limits apply
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 first-time buyers and repeat buyers
- 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
Our mortgage bankers are ready to help you make your home ownership dreams a reality. Find your local banker and get started today!
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