LaGrange, IL
Down Payment Assistance Loans

Down Payment Assistance Programs (DPA) in LaGrange, IL

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 LaGrange, IL.

Home Financing Programs That Will Help You Buy a Home

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 LaGrange, as well as mortgage financing, programs available to you. Many times, the amount you need for a down payment is lower than you think.

IHDA Mortgage

The Illinois Housing Development Authority (IHDA) offers a variety of LaGrange, IL down payment assistance programs for those homeowners who meet income and other program guidelines:

  • SmartBuy – Flat $5,000 down payment assistance; 15% of the purchase price (up to $40,000 in student loan relief).
  • Opening Doors – Flat $6,000 down payment assistance.
  • Access Forgivable – Up to $6,000 in down payment assistance.
  • Access Deferred – Up to $7,500 in down payment assistance.
  • Access Repayable – Up to $10,000 in down payment assistance.
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Down Payment Plus Programs

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.

Finally Home Mortgage Assistance Program

This LaGrange, 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.

HomeOne Mortgage

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.

Home Possible Mortgage

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.

HomeReady Mortgage

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.

FHA Loans in LaGrange

The Federal Housing Administration (FHA) offers loans with low down payment options. LaGrange, 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.

VA Loans

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.

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. These low-interest, fixed-rate loans can be used to not only buy a home, but to renovate, improve, or relocate a dwelling.

Help You Need with LaGrange, IL DPA Programs

There is no better time than today to check into a down payment assistance loan program in LaGrange, 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 LaGrange 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.

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