Illinois Buliding Blocks Pilot Program
Down payment and closing cost assistance available for homebuyers purchasing vacant homes in Berwyn, Chicago Heights, Maywood, Park Forest, South Holland.
- $10,000 in down payment and closing costs assistance as a 2-year, 0-percent forgivable loan.
- Maximum LTVs from 90 to 100 percent.
- FHA/VA and conventional insured products available.
- Fixed rate, 30-year term loan.
- Reduced mortgage insurance requirements on conventional programs.
- Minimum credit score requirement (restrictions apply: 600 (FHA/VA loans), 660 (conventional loans)
- Property must be vacant.
- Maximum total debt (back end) ratio between 41-45 percent.
- Buyer must contribute 1 percent or 1,000 of the purchase price, whichever is greater.
- Household income and purchase price limits apply.
- Homeownership counseling is required.
For more information go to: www.ihda.org or call me at 773-573-9798
" Buying a property now at low rates and low prices with down payment assistance is a great opportunity and a good investment for the future."