Home Buying in Illinois>Question Details

Homebuyer, Home Buyer in Illinois

Any down payment/closing cost assistance programs available currently with FHA loans?

Asked by Homebuyer, Illinois Tue Mar 22, 2011

Any down payment or closing cost assistance programs available currently with FHA loans in Illinois?

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In Lake County Illinois, specific towns are targeted for neighborhood stabilization. Plus you have to qualify income wise, its like within 20% 0f median income for the county. So if you are OK with living in a somewhat blighted area and don't make too much money, you can get grant assistance on the down payment. The hard part is being low income with good credit to qualify for a mortgage! The primary question is are the areas you are considering in the targeted communities.

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0 votes Thank Flag Link Wed Mar 23, 2011
FHA will allow the seller to pay part of your allowable closing costs. I am not sure about your state, but your lender should be able to tell you. You would negotiate this in your purchase price. For example, I have a couple buying a home for $150,000 with the seller paying $3500 of the buyers closing costs. The house had to appraise for $138,500 or more, but the net price to the seller was $146,500.

You would still need your down payment, but the closing cost assistance would help pay for prepaid insurance, title insurance, closing fees, etc.

You will want to be preapproved before you really hit the road for house hunting, your lender will be a great resource.
0 votes Thank Flag Link Tue Mar 22, 2011
Many states have Housing Corporations that have grant money available for qualified buyers. Feel free to email me and I will get you in touch with a top notch agent in your area who can help you decise whch loan program is best for you.
0 votes Thank Flag Link Tue Mar 22, 2011
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