A Real Estate Discussion Blog


Illinois First Time Home Buyer Assistance Programs

As a first-time homebuyer there are so many fantastic programs to help make a home purchase a reality.  You only get to be a first time homebuyer once, so please research all the programs available to you! 

City Mortgage(Chicago) - The City Mortgage program offers qualified first-time homebuyers 30-year, fixed-interest mortgages at competitive interest rates and a gift of 4 percent of the mortgage amount to cover down-payment and closing costs. See website for income and purchase price restrictions. 

IL Housing Development Assets IL Homeownership Project- In Sept 07 this project was created to help up to 850 in IL to become first time homeowners. The Assets Illinois Homeownership Project funded by the Illinois Department of Human Services (IDHS) will offer a dollar for dollar up to $2,000 match in a structured savings account to help individuals save for the purchase of their first homes and build equity for the future.

Illinois First Time Home Buyer Grants - Cook County residents can be eligible for up to $5,000 in grant money through this program.  Visit thier websiteto read about eligibility and approved lenders. 

Our Home Program- This programs is offered by the Illinois State Treasurer's Office and helps people purchase their first home, refinance a mortgage or modify a loan if they are facing a financial hardship outside of their control.  If you are close to getting a conventional loan but can't because of a situation like bruised credit, lack of down payment or have a high debt-to-ratio , this program could be of help.  You must be a IL resident and taxpayer and have a household income of less than $75,000. 

USDA Illinois Gauranteed Rural Housing Loans - Guaranteed Rural Housing Loans are available to assist eligible households with incomes that do not exceed 115% of median income for the area. The program provides up to 100% financing for moderate-income applicants. This eliminates the need for down payment and private mortgage insurance. Customers receive competitive 30-year loans with fixed interest rates. They work with local community lenders, using conventional lender's forms and receive quick service.

IL Housing Development Authority- This organization helps low and moderate-income families become first-time homeowners through varies programs.  They offer lower-than-market rate down payments to first-time homebuyers or those who haven't owned a home in the past three years.  One of the programs they are piloting now is the 40 year note, to help with affordiblity.  They also offer programs for households that demonstrate that their monthly income doesn't exceed 80% of area medium income.  Visit their website for a complete list of programs and participating lenders.

Public Safety Officer and Teacher Homeownership Incentive Program- If you are a Chicago police officer, fire fighter, paramedic or public school teacher you could be eligible for up to $7,500 in assistance when purchasing a home. 

TaxSmart Mortgage Credit Certificate- Any person who has not owned a principal residence at any time during the three years prior to closing a loan under this program is considered a first-time home buyer. Non first-time home buyers are also eligible if they purchase a home in a designated target area.  TaxSmart is a Mortgage Credit Certificate (MCC) program that provides a federal income tax credit to qualified homebuyers.  Under the program, a home buyer would receive an MCC to reduce income taxes by an amount equal to 20% of the interest paid on a mortgage. The tax credit may be claimed each year the home buyer continues to live in a home financed under this program.  See website for income and purchase price restrictions. 

 There are many programs out there to assist you in your first home purchase.  Make sure you throughly research the resources and work with an educated Realtor and Lender. 





   Thanks for reading!  Subscribe here to be alerted of blog updates. rss sara bonert blog zillow  

Want to learn how to use Zillow better?  Check out:



I'm on Twitter too! Follow me at @sbonert


Comment balloon 11 commentsSara Bonert • November 26 2007 06:18PM
Illinois First Time Home Buyer Assistance Programs
As a first-time homebuyer there are so many fantastic programs to help make a home purchase a reality. You only get to be a first time homebuyer once, so please research all the programs available to you! City Mortgage (Chicago) - The City… more
Today Is Cyber Monday! Great Online Shopping Deals!
I'll admit upfront that this post has nothing to do with Real Estate. However, it does have to do with one of my other favorite subjects- SHOPPING! Black Friday (the day after Thanksgiving) is one of my favorite days of the year. I'll fess up to… more
Permisision To Phase Out Permission Marketing?
" Permission marketing " is a common marketing term that we have all heard time and time again. As Realtors, we have all been trained to ask "do you mind if I include you on my mailing list". Is there still value in building a… more
National Zillow Quarterly Trend Reports Released
I often get asked how investors can use Zillow. With a database of over 70 million homes, one of the best ways to use the site is to evaluate trends. Each quarter Zillow organizes this data and releases it at a link that can be found at the very… more
GREAT Mitigating Risk And Legal Issues Class At The NAR Convention
At the NAR convention I attended Oliver Frascona's session on the 6 D's: Discover, Disclose, Damages, Defendants: Daily Decisions. I know, sounds boring. I think he needs to work on a catchier title. I signed up for this class solely to get… more
You Weren't Going To Learn About Blogging At the NAR Convention
Going to NAR's convention in Vegas and want to learn how to use Excel? No problem, attend the class on how to use Excel. Need to learn more about how to market luxury properties? No worries, there was a class on that too. You hear a lot about… more
Can Realtor. com Make Money? Don't Know, But Let's Get Some Facts…
Today an article was posted on RealtyTimes. com entitled Can Realtor. com Make Money? by Blanche Evans Overall, it was a great recap of the history of Move. com (formerly Homestore) and an interesting question to ponder. Ms. Evans does a good job… more
Blogging and Technology Seminar in Grand Rapids, MI this Wednesday
Second opportunity to attend this popular Blogging and Technology Seminar in Grand Rapids, MI. Lola Audu the first of these two seminars was held last October 25th and it was a big hit The second and final chance to attend is this Wednesday,… more
Subconsciously Undermining Yourself With Your Words
This week I had a horrifying experience. I videoed taped myself giving a presentation and then watched it!!! While it was extremely painful to watch, it was extremely helpful as well. It is an opportunity to take notice of things you don't often… more