Illinois Offers $7,500 in Down Payment Assistance

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August 05, 2015

Illinois is helping home owners with a program called 1stHomeIllinois, the Chicago Tribune reports. Up to 4,000 home buyers, both first-timers and people who haven’t owned a home in three years, can receive $7,500 towards down payments.  

Residents who qualify must buy a home in one of 10 northern counties in the state, including Chicago’s Cook County. Qualified home buyers also need a credit score of at least 640 and must contribute the greater of one percent to the overall price or $1,000 toward the purchase.

The Illinois Housing Development Authority also offers 4.125 percent 30-year fixed rate mortgages.

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