Guild Mortgage is approved to do loans with the Illinois Housing Development Authority (IHDA). There are several new down payment assistance programs to help first-time homebuyers and veterans.
Many of these programs also offer below-market interest rates to help make monthly mortgage payments even more affordable.
Whether you are a first-time homebuyer or a repeat buyer, Guild Mortgage and the Illinois Housing Development Authority may have the product for you. IHDA’s grant programs have a variety of options and grant amounts to help customize a product that fits your needs.
Illinois down payment assistance programs and descriptions
Requirements:
- Contribute $1,000 or 1 percent of the purchase price, whichever is greater.
- Meet the income and purchase price limits.
- Meet the credit requirements.
- Live in the home as your
primary residence. - Complete homeownership counseling (online and in-person options available).
- FHA, VA, USDA and Conventional loan options available.
Mike Scalise
Branch manager | NMLS #207383
Office: 815.312.5823
Cell: 815.621.9888
420 Financial Court, Suite #110
Rockford, IL 61107
Email: mike.scalise@guildmortgage.net
Website: www.mike-scalise.com
The 4% up to $6000 of the purchase price available with Access Forgivable is a forgivable loan. The borrower does not need to pay it back, as long as they live in the home for ten years. If they sell or refinance the home within the first ten years, a portion of the down payment will need to be paid back to IHDA.
The 5% up to $7500 of the purchase price available with Access Deferred is a deferred loan. The borrower will be required to repay the funds, with 0% interest, at maturity of the 1st mortgage, unless repaid sooner, or in the event of a refinance or sale, whichever comes first
The 10% up to $10,000 of the purchase price available with Access Repayable is a repayable loan. The borrower will be required to repay the funds. The payment terms are 0 percent interest, repaid over 10 years.
Let's take the first step together.
Congratulations on the decision to buy your first home!
Request down payment assistance information
Mike Scalise (NMLS #207383) is authorized to do business in the state of Illinois. Guild Mortgage Company; Equal Housing Opportunity; AZ BK #0018883; Licensed by the Department of Financial Protection and Innovation under the California Residential Mortgage Lending Act; MA Mortgage Lender License #MC3274; MA Mortgage Broker License #MC3274; Licensed by the Mississippi Department of Banking and Consumer Finance; Licensed by the N.J. Department of Banking and Insurance; NV Mortgage Company #1141; OR ML-176; Rhode Island Licensed Lender; Rhode Island Licensed Third-Party Loan Servicer; Company NMLS ID 3274. www.nmlsconsumeraccess.org/.
All loans subject to underwriter approval. Terms and conditions apply, subject to change without notice. Guild Mortgage Company is an Equal Opportunity Employer. Guild Mortgage Company 5887 Copley Drive, San Diego, CA 92111; For more licensing information, please visit www.guildmortgage.com/licensing.
Guild Mortgage Company is not affiliated with Illinois Housing Development Authority (IHDA). Program eligibility and availability varies and is subject to change based on IHDA guidelines. Borrower must meet eligibility requirements.
