Champaign County, in association with the Illinois Housing Development Authority and participating lenders, offer several programs to assist first home time buyers or individuals who have not owned a new home within the past three years.
About the Program
The following programs are available for affordable homeownership:
Illinois Housing Development Authority (IHDA) BMR Program
The City of Champaign and the Illinois Housing Development Authority (IHDA) have collaborated to bring affordable mortgages to home-buyers. IHDA offers a financing option to homebuyers for buying a home in Champaign. These loans may come from any one of the lenders listed on the back of this brochure.
IHDA’s homebuyer programs have helped more than 750 homebuyers achieve their dream of homeownership throughout Champaign.
The IHDA program assists families in buying a home through below-market-rate interest mortgages. The interest rate for a 30-year fixed-rate mortgage could be as low as 5.20% depending on closing cost assistance and points purchased. Homebuyers may be eligible if they meet the required criteria.
The Assist program reduces the amount of money needed to buy a home in Champaign. Many families who qualify for conventional financing can’t buy a home because of the down payment and closing costs. The Assist program helps by offering qualified individuals and families approximately 3% of the borrowed mortgage amount in the form of a non-repayable and non-taxable grant to cover a portion of the down payment and closing costs.
New and existing single-family homes, town homes, and condominiums meeting purchase price requirements qualify, with all mortgages at a 30-year fixed rate.
Phone: (217) 819-4058
Fax: (217) 328-2426