There are many different home loans in Illinois that can help you finance a home. Whether you are just starting your home search or have already been looking for a few months, you are likely feeling some combination of anxiousness, anticipation, and uncertainty. Most of those nerves stem from financial concerns. Luckily, home loans in Illinois are easier to access thanks to Springboard Home Loans.
Why Save to Pay 20% Down? Get in and Build Equity Now!
Many people looking for home loans in Illinois falsely assume they need to pay 20% down on a home. They save for years, letting life get in the way of their homeownership dream. Don’t make this mistake! With a low down payment loan of just 3%, you can buy a home now and begin building equity. See the difference in the infographic below:
With a conventional loan, you can secure a fixed rate for loan terms from 10 to 30 years. Conventional home loans in Illinois offer stable, predictable monthly payments and down payments as low as 3% of the purchase price for a first-time home buyer. There are no income limits to meet, and with Springboard, underwriting is simple and fast.
CRA Mortgage Loans
A CRA home loan is part of the Community Reinvestment Act (CRA) of 1977 and is designed to help low and moderate income home buyers purchase an affordable home. CRA home loans in Illinois have a low down payment and low to no mortgage insurance requirements. To qualify, your household must earn less than $86,750 a year or the property you buy must be located in a low- to moderate-income census tract.
An Equity Builder mortgage is an Adjustable Rate Mortgage (ARM) that can get you into a home with as little as 1% down. Through this program, Springboard contributes 2% of the purchase price, giving you 3% equity at closing!
An FHA Loan is backed with mortgage insurance from the Federal Housing Administration (FHA). With down payments as low as 3.5% and lower minimum credit score requirements, FHA loans are another popular choice among first-time home buyers.
An FHA-203k Loan is similar to a standard FHA loan, except that it allows you to finance both the purchase of the home and any repairs to the home. This is a great home loan for first-time home buyers in Illinois who want to fix up their home, such as in the case of a foreclosure or short sale.
The National Homebuyers Fund (NHF) Sapphire Program assists low- to moderate-income home buyers by providing down payment and/or closing cost assistance of 3% or 5% of the mortgage amount. This program is available for the purchase of an owner occupied, single-family residence in Illinois. Any assistance received through the Sapphire Program is a grant, meaning there is no repayment required.
USDA Guaranteed Loans
USDA Rural Development’s Single Family Housing Guaranteed Loan Program assists low- to moderate-income individuals in buying a home in a rural area with 100% financing opportunities. Applicants must meet income eligibility requirements and purchase a home within the eligible rural areas.
Veterans Affairs (VA) Loans
U.S. veterans can obtain a federal loan through the Illinois VA Loan Program as a benefit for their service. VA loans offer 100% financing (no down payment), with low monthly mortgage insurance premiums and low minimum credit scores.
You’re One Step Closer to Home
With Springboard Home Loans in Illinois, your dream home has never been closer. Springboard can help you save hundreds of dollars per month purchasing a home now rather than renting and saving.
It’s a particularly great time to be a first-home buyer in Illinois, because banks are offering special loans for first-time home buyers, and Springboard can do the legwork for you. Most home loans in Illinois are not limited to first-time home buyers, though, so if you are upgrading to a larger home or one in a nicer neighborhood, we can still help you! Call 1-888-983-2344 to meet your personal home loan coach and get expert home buying advice today.