Did you know that the State of IL provides free money to help many prospective homeowner’s with the down payment on their new homes? The program is administered through the Illinois Housing Development Authority and are worth looking into if you meet the income requirements. To qualify, you can’t make more than the below amounts and you must live in Cook, Du Page, Kane, Lake, McHenry, or Will counties:
- If you have 1 or 2 persons over 18 in your household, your total household income can’t be more than $88,320 to qualify
- If you have 3 or more persons over 18 in your household, your total household income can’t be more than $102,968 to qualify
Typically you can’t buy a property which is more than $357,750 for a single family house for condo or $457,973 for a multi-unit building.
The grant is called the At Home Illinois program and offers $5,000 to go towards your down payment or closing costs. For more information visit athomeillinois.gov
Requirements
As part of the program you must:
- Contribute one percent or $1,000 of the purchase price, whichever is greater
- Live in the property as your permanent residence
- Meet the income and purchase price limits
- Meet the credit requirements
- Complete homeownership counseling (online and in-person options available)
