Subscribe and receive email notifications of new blog posts.
RSS Feed
- 2026 | 23 Posts
- 2025 | 47 Posts
- 2024 | 39 Posts
- 2023 | 35 Posts
- 2022 | 58 Posts
- 2021 | 13 Posts
- 2020 | 25 Posts
- 2019 | 11 Posts
- 2018 | 1 Posts
- 2017 | 42 Posts
- 2016 | 66 Posts
- 2015 | 24 Posts
- 2014 | 64 Posts
- 2013 | 44 Posts
- 2012 | 38 Posts
- 2011 | 79 Posts
- 2010 | 38 Posts
- 2009 | 35 Posts
- 2008 | 1 Posts
5
Assistance Available for Illinois Homebuyers
Buying a home is likely one of the largest purchases you'll make. While homeownership is a rewarding investment, the upfront cost can be intimidating. The good news is, if you're looking to buy a home in Illinois, you may qualify for financial assistance. Economic Growth Corporation (GROWTH) has compiled a list of homeownership programs available to Illinois buyers who qualify. Overall, the programs are meant to encourage homeownership and enhance our communities through tax revenue. GROWTH offers HUD-approved counseling, literacy programs, and guidance to those who qualify. The qualification requirements for each program are different, and the downpayment assistance, closing cost credits, and neighborhood-specific incentives vary. To simplify the process, we'll take you through the programs and the opportunities available.
SmartBuy
If you live in Illinois and have student loans that prevent you from pursuing homeownership, SmartBuy from the Illinois Housing Development Authority (IHDA) may be able to help. The SmartBuy program offers up to $40,000 in student loan relief and $5,000 in downpayment and closing cost assistance. Learn more on the IHDA website.
Federal Home Loan Bank of Chicago - Downpayment Plus
If you are willing to work with a lender that is a member of the FHLBank Chicago and completes a literacy program through GROWTH, you may qualify for up to $6,000 in downpayment and closing cost assistance. Visit the FHLBank Chicago website for more information.
Live-Work RI
If you work for a company that belongs to the Development Association of Rock Island (DARI) and want to buy a home within the city limits, Live-Work RI may help. The program offers a buyer education class as well as downpayment and closing cost relief in the form of a 5-year, forgivable loan and up to $1,500. View the List of Qualifying Companies and further requirements on the DARI website.
City of Moline - Downpayment Housing Program
If you work in Moline and are open to buying a home in certain areas of the city, the Downpayment Housing Program may offer assistance of up to 5% of the purchase price for the downpayment and up to $1,500 towards closing costs. To learn more about the program, requirements, and income guidelines, visit the City of Moline website.
McLaughlin Body Company & Green Current Technologies Downpayment Housing Programs
If you are an employee of the McLaughlin Body Company or Green Current Technologies and want to buy a home in the Illinois Quad Cities, you may qualify for assistance. The companies offer qualifying employees up to $1,500 for closing costs and up to $5,000 for downpayment assistance. Reach out to your employer for more information.
To learn about additional programs, qualifications, and the next steps towards homeownership, visit GROWTH's website and speak with your trusted agent. If you have questions regarding the financing process or would like to become pre-approved, visit RuhlMortgage.com and connect with a loan officer today!
