Illinois Down Payment Assistance | CrossCountry Mortgage

Buy a home with only $100 down.

The HUD REO $100 Down FHA Program waives the usual 3.5% down payment requirement.

PROGRAM DETAILS

Minimum $100 down payment and 580 credit score required
Loan can be an FHA 203(b), FHA 203(b) Repair Escrow, or FHA 203(k)
15-, 20-, 25-, 30-year fully amortizing fixed or 5/1 hybrid ARM
Seller-paid concessions of 3% of the sale price can be used toward closing costs

with an Illinois Housing Development Authority (IDHA) loan

IHDAccess Forgivable

up to

$ 6,000

in DPA

(forgiven monthly over 10 years)

IHDAccess Deferred

up to

$ 7,500

in DPA

(provided as an interest-free loan; repayment deferred for 30 years)

IDHAccess Repayable

up to

$ 10,000

in DPA

(provided as an interest-free loan; repayment due monthly over 10 years)

Plus receive up to 4% in down payment / closing cost assistance with a Springboard 2nd mortgage.

PROGRAM DETAILS

	Conventional: Fannie Mae	Conventional: Freddie Mac	FHA	VA	USDA
MINIMUM CREDIT SCORE	620	620	580	580	640
MINIMUM DOWN PAYMENT	3%	3%	3.5%	0%*	0%*
LOAN LIMIT	$484,350	$484,350	$314,827	$484,350	Varies by county
ANNUAL INCOME LIMIT	None (HomeReady excepted)	None (HomePossible excepted)	None	None	$82,700 (1-4 residents); $109,150 (5-8 residents)
MONTHLY MORTGAGE INS.	Varies	Varies	Yes	No	Yes
UPFRONT MI OR FUNDING FEE	No	Varies	Yes	Varies	Yes
YEARS SINCE SHORT SALE OR DEED IN LIEU OF FORECLOSURE	4	Depends on AUS	3	2 (deed only)	3
YEARS SINCE FORECLOSURE	7	Varies	3	2	3
YEARS SINCE CHAP. 7 BANKRUPTCY	4	Varies	2	2	3
YEARS SINCE CHAP. 13 BANKRUPTCY	2	Varies	2	0	0 (with AUS approval)