Chicago First-time Home Buyer Programs

Chicago First Time Home Buyer Loan Programs Standard
30-year Fixed
HomeReady™
30-year fixed
FHA
30-year fixed
Property Location No restriction No restriction No Restriction
1st-time buyer requirement Only 1 borrower has to be first-time borrower No 1st time buyer requirement No 1st time buyer requirement
Income Limits None Income limits vary by census tract Income limit lookup None
Single Family Homes 3% min. down
max $424,100 loan
3% min. down
max $424,100 loan
3.5% min. down
max loan varies by county Max Loan Amount Lookup
Condo 3% min. down
max $424,100 loan
3% min. down
max $424,100 loan
not available
Duplex 15% min. down
max $543,000 loan
15% min. down
max $543,000 loan
3.5% min. down
max loan varies by county Max Loan Amount Lookup
Git allowed for Down Payment and closing costs Yes
from family members only
Yes
from family members only
Yes
from family members only
Interest Rates Standard –
varies by credit score, down payment % and property type
Lower rates for credit scores 680+ Lower Rates – minimal adjustment for lower credit scores
Monthly Mortgage Insurance Yes Lower-than-normal Monthly Mortgage Insurance Payments Yes
Option without monthly PMI Yes! Yes! No
Credit history and credit scores Best for scores 680+ with low down payment
Foreclosure as recently as 7 years ago
Bankruptcy – discharged as recently as 4 years ago
Best for scores 680+ with low down payment
Foreclosure as recently as 7 years ago
Bankruptcy – discharged as recently as 4 years ago
620 min qualifying credit score*
Foreclosure as recently as 3 years ago
Bankruptcy – discharged as recently as 2 years ago
Pre-closing Online Home Buyer Education Required No Yes No
Other Comments Up front mortgage insurance premium = 1.75% of loan amount but is typically financed, not paid at closing
*Accunet’s min requirement