How much mortgage can I afford?
This is the most often asked question from new homebuyers. Are some of your potential homebuyers putting off the decision to buy because they believe they must have 20 percent or more for a down payment? Fact: With assistance programs and certain loan programs, down payments can be even less. The necessary down payment is lower for many buyers than they realize.
Here is a list of resources to share with your clients that may include down payment and closing cost assistance.
- Illinois Housing Development Authority (IHDA) programs including:
- 1stHomeIllinois for first-time buyers and veterans
- IHDAccess Forgivable, Deferred and Repayable mortgage programs
- I-Refi, for homeowners who owe more than their home is worth
- FHA Loans
- HomeReady Mortgage by Fannie Mae
- Home Possible Advantage by Fannie Mae
- USDA Single Family Housing Guaranteed Loan Program
- VA Home Loan Program
- Finally Home Program to purchase or refinance, by the Illinois State Treasurer’s Office