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Ready to start your home buying journey? Apply now and get pre-approved for your mortgage.
Purchase Rates
Know the rates, know your options. Start building your homeownership plan today.
Monthly Mortgage Calculator
Get a clear picture of your monthly mortgage payment using your rate, credit score, and down payment information.
Affordability Calculator
Not sure what fits your budget? This calculator factors in your income, debts, and down payment to help you find the right price range.
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Ready to lower your rate or tap into your equity? Apply now and start your refinance journey with confidence.
Refinance Rates
Rates can change fast. See today’s options and discover potential savings on your mortgage.
Refinance Mortgage Calculator
Wondering how refinancing will affect your monthly payments? See how much you can save.
Cash-Out Refinance Calculator
See how much equity you can tap into. Estimate your new mortgage payment and compare loan options.
Calculators
Free, interactive mortgage calculators that can help you along the journey toward your home ownership goals.
Blog
Learn more. Stress less. Our blog breaks down what you need to know to buy, refinance, or plan ahead.
FAQs
Check out our FAQs to learn more about Total Mortgage, mortgage lending, home refinancing, and more.
Loan Programs
Navigate all our programs and find the perfect loan for you.
Buy
Apply Now
Ready to start your home buying journey? Apply now and get pre-approved for your mortgage.
Purchase Rates
Know the rates, know your options. Start building your homeownership plan today.
Monthly Mortgage Calculator
Get a clear picture of your monthly mortgage payment using your rate, credit score, and down payment information.
Affordability Calculator
Not sure what fits your budget? This calculator factors in your income, debts, and down payment to help you find the right price range.
Refinance
Apply Now
Ready to lower your rate or tap into your equity? Apply now and start your refinance journey with confidence.
Refinance Rates
Rates can change fast. See today’s options and discover potential savings on your mortgage.
Refinance Mortgage Calculator
Wondering how refinancing will affect your monthly payments? See how much you can save.
Cash-Out Refinance Calculator
See how much equity you can tap into. Estimate your new mortgage payment and compare loan options.
Rates
Resources
Calculators
Free, interactive mortgage calculators that can help you along the journey toward your home ownership goals.
Blog
Learn more. Stress less. Our blog breaks down what you need to know to buy, refinance, or plan ahead.
FAQs
Check out our FAQs to learn more about Total Mortgage, mortgage lending, home refinancing, and more.
Loan Programs
Navigate all our programs and find the perfect loan for you.
Customers
About
Illinois
Discover the vibrant culture and diverse neighborhoods of Illinois. Explore the iconic city of Chicago or charming small towns. Illinois boasts a strong job market and a central location. Find your perfect place in Illinois with a fantastic mortgage rate.
Illinois Assistance Programs
State of Illinois first-time homebuyer programs
Through its Access Mortgage program, the Illinois Housing Development Authority offers a variety of fixed-rate home loan options via a network of affiliated lending partners. IHDA-backed financial products don’t require down payments but require contributors to remit at least $1,000 or 1% of the listing cost, whichever is more.
Albeit not obligatory, an initial investment averaging 20% or more of the sale price exempts purchasers from incurring the additional monthly costs associated with Private Mortgage Insurance (PMI). Borrowers with the capability to furnish a somewhat sizeable first installment frequently find doing so prudent, as it safeguards against future indebtedness risks and expenditures throughout loan reimbursement.
IHDA Access Repayable Mortgage
The IHDA Access Repayable Mortgage allots 10% up to $10,000 to cover initial costs. However, unlike the previous first-time homeowners programs in Illinois, remittance recurs without interest over a 10-year term. Similar credit qualifications, income constraints, and the highest affordable home values govern qualification.
Illinois Assistance Programs
State of Illinois down payment assistance
IHDA Access Forgivable Mortgage
This IHDA down payment assistance includes FHA, VA, USDA, or conventional loans to make homeownership attainable. Their Access Forgivable Mortgage allows up to 4% of the purchase price or $6,000 for closing costs and down payment assistance in Illinois that requires no repayment if you reside in the home for a decade. Applicants need a minimum 640 credit score and a debt-to-income ratio below 50%. Income limits vary by county & household size, as do maximum purchase prices.
IHDA Access Deferred Mortgage
Another IHDA down payment assistance program is the Access Deferred Mortgage, allocating 5% or $7,500 for down payment and closing. Unlike the forgiveness feature, this interest-free sum postpones repayment until the loan matures or the property sells or refinances. The same 640 credit score and 50% debt-to-income standards apply, alongside location-based income restrictions.
Illinois Assistance Programs
Other Illinois Homebuyer Programs
The below mentioned programs are for informational purposes only and may not be offered by Total Mortgage. We strive to provide comprehensive information about various mortgage assistance options available in the market. Eligibility requirements and program availability vary depending on your location, income, and loan type. We recommend you contact a Total Mortgage Loan Officer directly for details on qualification and enrollment. Check your eligibility(app.totalmortgage.com/apply?utm_source=assistance-programs)
Inclusion of a program on this website does not constitute an endorsement by Total Mortgage and does not guarantee your eligibility or approval for the program.
FHA Loans
FHA loans can be a suitable selection for those with more modest resources. Insured by the Federal Housing Administration, these first-time buyer grants in Illinois require just 3.5% down and a credit rating as low as 580.
VA Loans
VA loans are an exceptional option for active military, veterans, and surviving spouses. Guaranteed by the Department of Veterans Affairs, rates are frequently reduced, and zero capital is required upfront.
USDA Loans
Those settling in officially designated rural regions may calibrate loans backed by the USDA, incurring no down payment but needing to satisfy area-particular rules.
HomeReady and Home Possible loans
Lastly, programs such as HomeReady and Home Possible, created by Fannie Mae and Freddie Mac specifically for novice homeowners, require a mere 3% investment and are more adaptable regarding earnings.
Inclusion of a program on this website does not constitute an endorsement by Total Mortgage and does not guarantee your eligibility or approval for the program.
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