It’s Time to Buy and Here’s a Program to Help!

Illinois Housing Development Authority’s (IHDA) offers programs to help strengthen communities by helping to turn vacant homes into valuable homeownership opportunities. The Illinois Building Blocks Program offers up to $10,000 in down payment assistance for buyers purchasing vacant properties in several communities hard hit by foreclosures.

building_blocks_inline1

Down payment assistance allows home buyers to keep more of their own funds in reserve for other household needs and enables them to buy sooner, in order to take advantage of historically low interest rates, affordable home prices, and large stock of available homes.  By reducing the initial loan balance through down payment assistance, the home buyer gains increased initial equity and a lower monthly payment.

Eligible communities: 

Belleville, Berwyn, Blue Island, Champaign, Chicago Heights, Cicero, Crest Hill, Joliet, Lockport, Lynwood, Maywood, Melrose Park, Park Forest, Peoria, and South Holland

Included in the program:

  • The program includes a long term fixed rate mortgage
  • $10,000 down payment and closing cost assistance as a forgivable second loan over 2 years

Eligibility and Restrictions:

  • Buyers do not have to be first time home buyers
  • Properties must be vacant properties and in the communities listed above
  • Income and purchase price limits apply
  • Minimum down payment and maximum debt-to-income ratios vary with credit scores Home ownership counseling is required 

Program availability:

Funds are available on a first-come, first-served basis.

Standard Bank is proud to be one of IHDA’s preferred lenders, through which the Illinois Building Block Program is offered. For more information, contact Mary Morstadt at 708.499.2062 x2317







 

Leave a Reply