Mortgage Loans
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Take advantage of the following mortgage loan programs for those with less than a 20% down payment:
Home Matters Mortgage Loan
- 3% down payment (may be a combination of gift funds, personal funds, and grant funds)*
- No private mortgage insurance required
- Income limits may not exceed 80% of the area median income or property to be purchased is located in an eligible area.
- Non-traditional credit sources considered
- At least one borrower must be a first-time homebuyer
- Fixed interest rate
Home Matters Closing Cost Grant
- Up to $2,000 per qualifying household
- Available to first-time buyers and repeat buyers
- Fully forgivable grant
- Home must be purchased within Heartland Bank’s assessment areas
- Conventional fixed rate mortgage
- Maximum Debt to Income (DTI) ratio of 45 percent
- Income limits may not exceed 80% of the area median income or property to be purchased is located in an eligible area.
- May be used toward closing costs and/or pre-paid expenses
- May be combined with other down payment assistance programs
- Loan programs include FHA, IHDA, USDA, and Freddie Mac HFA Advantage
- Income and purchase price limits apply
- Additional program terms, fees, and restrictions may apply
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 $2,500 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 $10,000 per qualifying household
- Must contribute at least $1,000 from borrower’s own personal 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: $356,362 (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
Rural Development Program
- No down payment required^^^^
- Qualified borrowers may receive a loan equal to 100% of the property’s appraised value, not purchase price, plus the upfront guarantee fee
- Available to first-time buyers and repeat buyers
- Property must be in an eligible rural area
- Additional program terms, fees, and restrictions may apply
The information provided below reflects estimates of the rate and principal & interest payments. Heartland Bank and Trust Company reserves the right to update any and all of the figures listed below. Please contact a Heartland Bank Mortgage Banker to obtain a Loan Estimate, which is provided pursuant to federal law upon the submission of a formal loan application. The payment estimates shown below do not include taxes and insurance, and assume a purchase of a detached single family primary residence in Illinois, 720 FICO, 45-day lock, and 30-year fixed rate term. Rates may change daily.
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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