Ask Terry Questions Financial help for first time home buyer

Financial help for first time home buyer

By Terry Savage on February 28, 2017 | Housing / Real Estate

How can the "athomeillinois program" be helpful to a first time home buyer having trouble coming up with a down payment?

Terry Says

Almost every state has a Housing Development Authority, and most offer programs to help first-time home buyers -- either with low rates, tax credits or other programs designed to get people in to home ownership.  The "At Home Illinois" program is offered by the Illinois Housing Development Authority ( If you have $1,000 toward a down payment on a home (or 1 percent of the purchase price), they may offer you up to $7,500 in free money as a grant toward your down payment.  Then you get a 30-year fixed rate mortgage at a low rate.  This program is available to anyone who has not owned a home in the past three years.  There are home price limitations for various Illinois counties, and income limits.  And you must have good credit.  So check the IHDA website, and here is a link to the specific Illinois counties with price and income limitations. And if you reside in another state, do check for any programs they may offer.



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