The Road To HomeOwnership Starts Here

Chicago First Time Home Buyer Programs

Down Payment Assistance

chicago-first-time-home-buyerBuying a house wiht no money down usually requires you to be a Veteran in the military or you must purchase a home in a rural area or small town. Don't worry because there is hope to achieve the dream of homeownership with the Illinois down payment assistance programs. There are some great low down payment mortgage loans such as FHA and HomeReady which allows you to use down payment assistance and grants for help with the down payment. We have a special community lending group whose sole focus is to assist you in securing funds for down payment and closing costs but you must get pre-approved by filling out the online mortgage application. Rents are skyrocketing throughout the Chicagoland area with average rent for a one bedroom apartment hovering around $1,670 a month. We know paying a hefty rent every month makes it difficult to save money for a down payment but don't let lack of down payment funds stand in the way of you becoming a homeowner. Finally, home prices and interest rates will continue to rise so you must act fast before the home of your dreams slips out of your hands and you become stuck in the rent trap forever.

Get Pre-Approved Now!  Apply Now
1st Home Illinois

IHDA 1stHomeIllinois
$7,500 cash grant for down payment and closing costs
Choice of 30 year fixed rate FHA, VA, USDA, or Conventional loan type
Purchase a one or two unit property in Boone, Cook, DeKalb, Fulton, Kane, Marion, McHenry, St. Clair, Will or Winnebago counties
Buyer must contribute $1,000 or 1 percent of the purchase price, whichever is greater
Must meet income and purchase price limits

HomeReady Program

HomeReady Program
Fannie Mae Conventional Loan Program
3% down payment and more flexible sources of funds such as gift and cash on hand
620 minimum credit score
1% down loan option available with 720 credit score
Student loans-We can use lower payment on income driven repayment plan to qualify you for the program
Loan designed for low to moderate income borrowers but there are no income restrictions in eligible areas
Lower mortgage insurance options which lowers monthly mortgage payment

teacher first time home buyer

Home Possible Program
Conventional loan program
3% down payment
620 Credit Score
There are income restrictions but Cook, Lake, McHenry, DeKalb, and Jasper Counties have no income limits
Reduced mortgage insurance which means lower monthly mortgage payment
Flexible Qualification Guidelines
$525 lender credit toward appraisal fee at closing

FHA Loan Program

FHA Program
3.5% down payment
550 minimum credit score
There are mortgage loan limits in each county Check mortgage loan limits Single family, approved condos, 2-4 unit properties, and manufactured homes are eligible
FHA approved condos eligible
$100 Down Payment Option on FHA Foreclosure
Down payment can be 100% gift or down payment assistance or grant funds
Seller can pay 6% of purchase price toward closing costs

USDA Rural Development Loan

USDA 100% Financing Program
Zero down payment
620 minimum credit score
Property must be located in targeted area. Check property eligibility.
Email with property address if you want us to check if the home is eligible.
Income restrictions apply. Check income eligibility.  
Seller can pay 6% of purchase price toward closing costs


Good Neighbor Next Door
Get home at 50% discount on home in target areas. Search homes now.
Must be law enforcement, police officer, teacher, firefighter, or emergency medical technician to be be eligible for this program
$100 Down Payment Option available in HUD Participating Communities.


VA Loan
Great fixed rate loan program with Zero Down Payment for veterans or active military personnel in Army, Navy, Marine Corps, Air Force, Coast Guard, and National Guard. Reservists eligible with 6 years service.
550 minimum credit score
No maximum loan limit
Single family home-VA Approved Condos-townhome

PenFed Dream Makers Grant

Dream Makers Grant
Up to $5,000 funds for down payment and closing costs assistance.The amount of the grant is determined by a 2-to-1 match of the borrower's contribution to their mortgage.
Active Duty, Reserve, National Guard or veteran military personnel eligible
Income restrictions apply
Minimum buyer contribution is $500


PMI Buster
Low down payment
NO PMI or mortgage insurance
720 minimum credit score

Rent Versus Own
Rents are moving up and you need to stop paying your landlord. When you own a home you build up wealth, get tax breaks, and experience the pride of homeownership. Try rent vs own calculator now and find out why owning a home is better than renting.

10 Steps To Buying A Home
Don't know where to start the process? View video on how to buy your first home.Today it is tougher to buy a house and you need a roadmap to navigate the home buying maze. You can't miss a step or it could spell disaster and wreck your chances of owning a home.

Search for homes in your area.
Start working with a Realtor and get the lastest property listings emailed to your email inbox. The inventory of homes on the market are down so it is important that you take action and set up an appointment to see the home you like as soon as possible. In most cases, you should use a Realtor to increase your chances of getting your offer accepted on the home you have your heart set on.

TruQual Pre-Approval Program

TruQual Pre-Approval Program
Don't make the mistake of searching for a home without a real pre-approval letter in your hand. There are some lenders who provide a pre-qualification letter without reviewing pay stubs, W2 forms, bank statements and submitting your loan to underwriting for approval. We review all your documents and information for accuracy so you know that you are qualified to purchase a home in your price range. Don't get your heart broken after you fall in love with the home of your dreams and get a "TRUE" pre-approval letter. Start the TruQual process today by completing the FULL online application and providing the necessary documentation so you can shop for your first home with confidence.

Equal Housing Lender

(847) 516-5743