One of the most exciting times of your life is when you decide to buy a home. When purchasing a house, most likely, you will need a down payment. This can run into the thousands of dollars. What if you do not have extra money or savings for a down payment you ask? When you work with Compass Mortgage, we can show you the down payment assistance programs available to you in Berwyn, IL.
You may be thinking that you have heard you need up to 20% of a home’s value to use as a down payment. While that is true, there are also many diverse home down payment assistance programs in Berwyn, as well as mortgage financing, programs available to you. Many times, the amount you need for a down payment is lower than you think.
The Illinois Housing Development Authority (IHDA) offers a variety of Berwyn, IL down payment assistance programs for those homeowners who meet income and other program guidelines:
The Federal Home Loan Bank (FHLB) of Chicago issues down payment grants up to $6,000 to eligible homeowners who receive mortgage financing through a participating FHLB Chicago member financial institution.
This Berwyn, IL DPA loan program is issued by the Illinois State Treasurer’s Office and helps Illinois residents who may not qualify for a conventional loan purchase or a refinance on their home. Finally Home guarantees up to 10% of a qualifying loan.
Freddie Mac’s first-time homebuyer solution which features a 3 percent down payment as well as maximum financing. There are no geographic or income limits for borrowers.
This Freddie Mac version of the 3 percent down payment mortgage is available to very-low to low income borrowers who are first-time or repeat homebuyers. The source of the down payment is flexible and there is no credit score needed.
Fannie Mae offers a mortgage with a 3 percent down payment for low-income, first-time or repeat buyers. There is even room for additional income sources and co borrowers (such as parents) do not have to live in the home.
The Federal Housing Administration (FHA) offers loans with low down payment options. Berwyn, IL DPA is available for those with FHA loans. For as low as 3.5 percent down, you can also roll closing costs into your loan as well. For those homebuyers with less-than-perfect credit, an FHA loan is a great option.
A VA loan is available to qualifying veterans, active military members and eligible surviving spouses. These loans are guaranteed by the US Department of Veterans Affairs and traditionally, they do not require any down payment or mortgage insurance.
The US Department of Agriculture (USDA) program assists low-and moderate income consumers to buy homes in eligible rural areas. These low-interest, fixed-rate loans can be used to not only buy a home, but to renovate, improve, or relocate a dwelling.
There is no better time than today to check into a down payment assistance loan program in Berwyn, IL. Especially if you have been waiting for the right time to purchase a home of your own, the multiple down payment assistance programs are designed to help you with financial assistance for your home purchase.
There will be requirements, such as using the home as a primary residence, one you will live in full-time, and a home which is not an investment property. Depending on the mortgage loan you choose, you could be seeing your way into your new home with minimal out-of-pocket expense.
It is everyone’s dream to become a homeowner. Buying a home might be the biggest investment of your life. Once there, you have equity to turn to for many reasons as the years go by. Our Berwyn home loan down payment assistance is just one more thing we do for you.
Let our qualified team of home mortgage experts guide you to your next mortgage steps. At Compass Mortgage, our goal is to help you find the assitance you need to buy the home of your dreams. Everyone deserves a good home; we make it possible. Be sure to contact us today.