for home ownership by assisting them in the process of getting their finances in order. By doing so, these individuals stand a greater chance of qualifying for a mortgage. For example, simple courses in home economics or household budgeting are important to the financial success of the individual, and achieving the grant program’s goals. Different states have different programs and conditions for home-buying grants. The one thing they have in common is that all 50 states have explicit grants for first-time home buyers. Do your research, and check what grants are available in the community you’re planning to move to. For instance, in Illinois, if you’re in the market for your first home (or are even a repeat homebuyer) there are IHDA loan programs to assist you. They offer Affordable fixed rate programs and up to $10,000 to assist eligible borrowers with their down payment and closing costs. These programs work with all mortgage types including FHA, VA, USDA and FNMA HFA Preferred loans. There are currently four different programs available each offering different levels of assistance, repayment terms and qualifications: • IHDAccess Forgivable – Provides 4% of purchase price up to $6,000 cash assistance • IHDAccess Deferred – Provides 5% of purchase price up to $7,500 cash assistance • IHDAccess Repayable – Provides 10% of purchase price up to $10,000 cash assistance • 1stHomeIllinois – Provides $7,500 down payment assistance for certain counties in Illinois and is only for 1st time homebuyers
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