Aug. 04--The Illinois Housing Development Authority has launched a program that will provide down payments of $7,500 each to up to 4,000 first-time homebuyers, veterans and others in 10 Illinois counties.
The program, called 1stHomeIllinois, also is intended for those who haven't owned a home in the last three years, with borrower income limits of up to $106,400 for a family of three or more.
To qualify, you must buy a home in Boone, Cook, DeKalb, Fulton, Kane, Marion, McHenry, St. Clair, Will and Winnebago counties; have a credit score of at least 640; and contribute the greater of 1 percent of the overall price or $1,000 toward the purchase.
The down payment help is funded through the U.S. Department of Treasury's Hardest Hit Fund, which is intended to curb foreclosures in Illinois.
Get details at www.ihda.org.
The authority also offers 4.125 percent 30-year fixed rate mortgages. Those are financed through the sale of either tax-exempt mortgage revenue bonds or mortgage-backed securities, authority spokeswoman Man Yee Lee said.
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