Your 2nd Chance – Modular Homes

4415 Harrison, Suite 326 Hillside, IL 60162 Phone: 773-677-6460 Email: libmtg2@gmail.com

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Financial Assistance for First-Time Homebuyers in Illinois

City of Rockford First-Time Homebuyer Purchase Assistance Program

Rockford First-Time Homebuyer Purchase Assistance Program assists low-to-moderate income

families purchasing existing or newly constructed homes in the city limits of Rockford with down

payment and closing cost assistance loans up to $14,999 of the home’s purchase price.

.

Assistance comes in the form of a zero-interest deferred forgivable loan and is conditioned on

living and remaining in the home for up to five (5) years. If this condition is not met, the buyer

may be required to repay the city a portion of the original loan amount. If you sell, transfer,

lease, rent, abandon, or cease to occupy the property as your principal residence during this

period, you may be required to repay the assistance provided.

.

Eligibility & Income Requirements

Applicants must be first-time homebuyers, and all qualifying household annual income must

be at or below 80% of the area median income depending on household size. These income

limits are posted on their website which are subject to annual changes.

.

Priority and highest dollar amounts are given to applicant households meeting this threshold in

the following order: extremely low, very low, low-income, and moderate-income.

1. Homebuyers must contribute a minimum of 1% of the sales price from their own funds.

.

Credit and Underwriting

Applicants usually must meet the credit and debt-to-income requirements for approved primary

lenders offering conventional, FHA, or VA loans. This program does not mention information

pertaining to minimum credit scores. Approval for a mortgage for similar programs typically

requires a minimum credit score of 620 to 640.

.

The Debt to Income Ratio

The debt to Income ratio requirements for these loans or comparable programs require a

30% front-end ratio and a maximum 41% back-end ratio. The front-end ratio is calculated

by adding the new monthly mortgage payment plus taxes and insurance and dividing the

sum by the borrower’s monthly gross income. The back-end ratio is calculated by adding

together the mortgage payment and all a borrower’s monthly debt payments and dividing

the sum by the borrower’s monthly gross income.

.

Home Maximum Sales Price

The maximum allowable purchase price for an existing home is $131,000.

This entire summary is based on the most current program guidelines available and may

be subject to future updates. To see if you qualify, speak with your loan officer or visit their

website for more information.

.

Down payment assistance programs and/or grants were researched by the team at FHA.com.

Please note that all programs listed on this website may involve a second mortgage with

payments that are forgiven, deferred, or subsidized in some manner until resale of the

mortgaged property.

.

FHA.com’s compilation is not a complete list, but it can serve as a starting point in your search

for the down payment assistance program or grant for your situation. It is up to the consumer

to contact these entities and find out the specifics of each program.

.

Note:
Aurora First-Time Homebuyer Program
The City of Aurora First-Time Homebuyers Program assists low to moderate income families purchasing

existing or newly constructed homes in the city limits of Aurora, Illinois with down payment and closing

cost assistance loans up to $5,000.

.

Assistance comes in the form of a zero percent (0%) interest deferred forgivable loan note which is

conditioned on living and remaining in the home for up to three (3) years.

.

If this condition is not met, the buyer may be required to repay the city a portion of the original loan

amount. If you sell, transfer, lease, rent, abandon, or cease to occupy the property as your principal

residence during this period, you may be required to repay the assistance provided.

.

Eligibility & Income Requirements
Applicant(s) must be first-time homebuyers, and all qualifying household annual income must be at

or below 80% of the area median income depending on household size. These income limits are posted on

their website which are subject to annual changes. Priority and highest dollar amounts are given to

applicant households meeting this threshold in the following order: extremely low, very-low, low-income

and moderate-income.

.

Credit and Underwriting
Homebuyer must secure a 30-year, fixed rate mortgage from a lender of their choice. Credit and debt-to-

income requirements for lenders offering conventional, FHA, or VA loans must be met. Specific credit

score requirements were not detailed in the available information. Approval for a mortgage for similar

programs typically requires a minimum credit score of 620 to 640.

.

The debt-to-income ratio requirements for these loans or comparable programs require a 28% front-end

ratio and a maximum 36% – 43% back-end ratio. The front-end ratio is calculated by adding the new

monthly mortgage payment plus taxes and insurance and dividing the sum by the borrower’s monthly

gross income.

.

The back-end ratio is calculated by adding together the mortgage payment and all a borrower’s monthly

debt payments and dividing the sum by the borrower’s monthly gross income.

.

Home Maximum Sales Price
The maximum sales price for a home cannot exceed the current 95% of the area median purchase price

and are updated annually. To see if you qualify, speak with your loan officer or visit their website for more

information.

.

Note: All information mentioned above was accurate at the time of publication and may no longer be

current visit the program website for updated information.

.

Down payment assistance programs and/or grants were researched by the team at FHA.com. Please note

that all programs listed on this website may involve a second mortgage with payments that are forgiven,

deferred, or subsidized in some manner until resale of the mortgaged property.

.

FHA.com’s compilation is not a complete list, but it can serve as a starting point in your search for the

down payment assistance program or grant for your situation. It is up to the consumer to contact these

entities and find out the specifics of each program.
Decatur First-Time Homebuyer Purchase Assistance Program
Kankakee First-Time Homebuyer Purchase Assistance Program
Sringfield First-Time Homebuyer Purchase Assistance Program
Illinois Housing Program
Kankakee First-Time Homebuyer Program
Peoria First-Time Homebuyer Purchase Assistance Program
Springfield Home Ownership Program

Your 2nd Chance – Modular Homes

4415 Harrison, Suite 326 Hillside, IL 60162 Phone: 773-677-6460 Email: libmtg2@gmail.com

Financial Assistance for First-Time Homebuyers in Illinois

City of Rockford First-Time Homebuyer Purchase Assistance Program

Rockford First-Time Homebuyer Purchase Assistance Program assists low-to-moderate income

families purchasing existing or newly constructed homes in the city limits of Rockford with down

payment and closing cost assistance loans up to $14,999 of the home’s purchase price.

.

Assistance comes in the form of a zero-interest deferred forgivable loan and is conditioned on

living and remaining in the home for up to five (5) years. If this condition is not met, the buyer

may be required to repay the city a portion of the original loan amount. If you sell, transfer,

lease, rent, abandon, or cease to occupy the property as your principal residence during this

period, you may be required to repay the assistance provided.

.

Eligibility & Income Requirements

Applicants must be first-time homebuyers, and all qualifying household annual income must

be at or below 80% of the area median income depending on household size. These income

limits are posted on their website which are subject to annual changes.

Priority and highest dollar amounts are given to applicant households meeting this threshold in

the following order: extremely low, very low, low-income, and moderate-income.

1. Homebuyers must contribute a minimum of 1% of the sales price from their own funds.

Credit and Underwriting

Applicants usually must meet the credit and debt-to-income requirements for approved primary

lenders offering conventional, FHA, or VA loans. This program does not mention information

pertaining to minimum credit scores. Approval for a mortgage for similar programs typically

requires a minimum credit score of 620 to 640.

.

The Debt to Income Ratio

The debt to Income ratio requirements for these loans or comparable programs require a

30% front-end ratio and a maximum 41% back-end ratio. The front-end ratio is calculated

by adding the new monthly mortgage payment plus taxes and insurance and dividing the

sum by the borrower’s monthly gross income. The back-end ratio is calculated by adding

together the mortgage payment and all a borrower’s monthly debt payments and dividing

the sum by the borrower’s monthly gross income.

.

Home Maximum Sales Price

The maximum allowable purchase price for an existing home is $131,000.

be subject to future updates. To see if you qualify, speak with your loan officer or visit their

website for more information.

.

Down payment assistance programs and/or grants were researched by the team at FHA.com.

Please note that all programs listed on this website may involve a second mortgage with

payments that are forgiven, deferred, or subsidized in some manner until resale of the

mortgaged property.

.

FHA.com’s compilation is not a complete list, but it can serve as a starting point in your search

for the down payment assistance program or grant for your situation. It is up to the consumer

to contact these entities and find out the specifics of each program.

Note:

Aurora First-Time Homebuyer Program

The City of Aurora First-Time Homebuyers Program assists low to moderate income families purchasing

existing or newly constructed homes in the city limits of Aurora, Illinois with down payment and closing

cost assistance loans up to $5,000.

.

Assistance comes in the form of a zero percent (0%) interest deferred forgivable loan note which is

conditioned on living and remaining in the home for up to three (3) years.

.

If this condition is not met, the buyer may be required to repay the city a portion of the original loan

amount. If you sell, transfer, lease, rent, abandon, or cease to occupy the property as your principal

residence during this period, you may be required to repay the assistance provided.

.

Eligibility & Income Requirements Applicant(s) must be first-time homebuyers, and all qualifying household annual income must be at

or below 80% of the area median income depending on household size. These income limits are posted on

their website which are subject to annual changes. Priority and highest dollar amounts are given to

applicant households meeting this threshold in the following order: extremely low, very-low, low-income

and moderate-income.

.

Credit and Underwriting Homebuyer must secure a 30-year, fixed rate mortgage from a lender of their choice. Credit and debt-to-

income requirements for lenders offering conventional, FHA, or VA loans must be met. Specific credit

score requirements were not detailed in the available information. Approval for a mortgage for similar

programs typically requires a minimum credit score of 620 to 640.

.

The debt-to-income ratio requirements for these loans or comparable programs require a 28% front-end

ratio and a maximum 36% – 43% back-end ratio. The front-end ratio is calculated by adding the new

monthly mortgage payment plus taxes and insurance and dividing the sum by the borrower’s monthly

gross income.

.

The back-end ratio is calculated by adding together the mortgage payment and all a borrower’s monthly

debt payments and dividing the sum by the borrower’s monthly gross income.

.

Eligibility & Income Requirements
Applicant(s) must be first-time homebuyers, and all qualifying household annual income must be at

Credit and Underwriting
Homebuyer must secure a 30-year, fixed rate mortgage from a lender of their choice. Credit and debt-to-

Home Maximum Sales Price
The maximum sales price for a home cannot exceed the current 95% of the area median purchase price