Homebuyers in Illinois have a new mortgage option to help them buy a home this summer.
The Illinois Housing Development Authority has created @HomeIllinois, a program that offers $5,000 in down payment, closing cost assistance and a 30-year mortgage. The program is designed for not only first-time buyers but to repeat buyers and homeowners who want to refinance.
As with all lending programs, there are certain requirements buyers must meet, including a $1,000 contribution toward the purchase price or 1 percent of the purchase price, whichever is greater, and certain credit requirements.
Still, the program is a great resource for those looking to buy the home of their dreams.