Bloomington, IL
Down Payment Assistance Loans

Down Payment Assistance Programs (DPA) in Bloomington, IL

With today’s rising costs, it is increasingly difficult for the average person to buy a home. Homeownership can often be out of reach for low income families due to the high costs of housing and receiving a monthly mortgage payment that is affordable. The Bloomington, IL down payment assistance programs we offer at Compass Mortgage can help you find the finance options you need to secure the home of your dreams.

What is Down Payment Assistance?

Down payment assistance in Bloomington includes a variety of financial options, including loans, grants, tax credits, and other programs that help eligible home buyers cover a down payment and/or their closing costs. These programs are offered by federal, state, county, or local government agencies, nonprofits, or employers.

To qualify and become eligible varies by the area. The American Dream program, for instance, offered by US Bank, helps consumers with limited resources become homeowners, especially those living in low-to-moderate income (LMI) neighborhoods.

Do You Qualify for Down Payment Assistance in Bloomington IL?

You may be eligible for home loan down payment assistance. Requirements for any program you choose will be based on your income, the price of the home you want to purchase, and your history as a homeowner. Assistance is available only for a home you will occupy. It is not available for vacation homes or investment properties.

There are many Bloomington, IL DPA programs available for first-time home buyers only. If you have not owned a home in the last three years, you can be considered a first-time home buyer. You might be missing out on financial assistance if you are not aware of down payment assistance programs, so call us today to find out what you are eligible for.

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We Can Help You Over the Down Payment Hurdle

You may be actively looking into homes in Bloomington and have settled on one home you would love to purchase. There seems to be just one little problem, the down payment. Often, a 20% down payment or higher is required and most buyers just do not have that kind of cash laying around. Not even family members can help in coming up with such a large amount of money.

What are you to do? There are many down payment assistance programs available. If you do not know where to start, now is the time to give us a call and let us guide you to your best options. A Bloomington, IL DPA loan will put your mind at ease.

Bloomington DPA Programs – IHDA Mortgage

The Illinois Housing Development Authority (IHDA) offers a variety of mortgage and financial assistance products for Illinois homebuyers who meet income and other guidelines:

  • Opening Doors – Flat $6,000 down payment assistance.
  • Access Forgivable – Up to $6,000 in down payment assistance.
  • Access Repayable – Up to $10,000 in down payment assistance.
  • Access Deferred – Up to $7,500 in down payment assistance.
  • SmartBuy – Flat $5,000 down payment assistance.

Down Payment Plus Programs in Bloomington

The Federal Home Loan Bank (FHLB) of Chicago provides down payment grants up to $6,000 to income-eligible homebuyers.

HomeOne Mortgage

This homebuyer’s solution is offered through Freddie Mac. It features a 3% down payment and maximum financing. There are no geographic or income limits for borrowers.

Home Possible Mortgage

Freddie Mac’s version of the 3% down payment mortgage is open to very-low to low income borrowers who are first-time or repeat homebuyers. There is no credit check necessary and the source of the down payment is flexible.

Finally Home Loan Assistance

The Illinois State Treasurer’s Office Program helps Illinois residents who may not qualify for a conventional loan or a refinance loan. Finally Home guarantees up to 10% of a qualifying loan.

FHA Loans

Bloomington, IL down payment assistance programs include loans issued through the Federal Housing Administration (FHA). Down payments can be as low as 3.5 % with affordable closing costs. For borrowers with less-than-perfect credit, an FHA loan is often the way to go.

VA Loans

Bloomington, IL DPA programs also include VA loans. These loans are available to qualifying veterans, active military members and eligible surviving spouses. Because they are guaranteed by the US Department of Veterans Affairs, there is no down payment required.

USDA Guaranteed and Direct Loans

The US Department of Agriculture (USDA) program assists low-and moderate-income consumers to buy homes in eligible rural areas.

There is assistance out there. Let our team of experts at Compass Mortgage guide you to a Bloomington, IL down payment assistance loan. Regardless of your situation, there are loan programs available to help everyone.

We work hard for all our clients and our goal is to see you in your own home. A Bloomington home down payment assistance program can help you find your way there. Contact us today.