A Guide to Illinois Home Loan Programs for Educators
If you are an educator in Illinois looking into purchasing that dream house then you have come to the right place! Below we have collected a variety of the best Illinois teacher home loan programs!
Read on for our recommendations for the best home mortgage programs for Illinois teachers and other educators.
What are the Best Home Loan Programs for Teachers in Illinois?
Here are 5 Illinois Teacher Home Loan Programs worth checking out:
- LendingTree Teacher Home Loans
- Teacher Next Door
- IHDA 1st Home Illinois Grant
- IHDA Mortgage Programs
- FHA Home Loan Educator Mortgage
1.LendingTree Teacher Home Loans
Our top recommended provider of Illinois home mortgages for teachers and other educators is LendingTree, where you can quickly compare up to 5 educator-friendly home loan offers!
Besides being able to comparison shop, you will be able to figure out estimated payments with their helpful mortgage payment calculator. Furthermore, LendingTree also offers other kinds of loans, such as personal loans, auto loans, and student loans.
If looking at any of the other mortgage options for educators that follow, it is highly recommended you take a look at LendingTree first! This will give you the most options. Furthermore, it can help you make an informed decision on which Illinois teacher home loan is best for you! Highly recommended!
2. Teacher Next Door
Next on our list of great home loan options for educators in Illinois is the Teacher Next Door National Home Buying Program.
The benefits of this program are many. To begin you will have no application, up-front, or broker fees. On top of that you can receive free appraisals, home buyer representation, access to home listings, and nationwide access to foreclosures. If that wasn’t enough you can get grants up to $4,170 (in certain areas) and assistance for your down payment up to $10,681!
Whether you are looking to purchase your first home, move to a bigger family friendly home, or refinance your current home, Teacher Next Door might be a great option. Truly there is an abundance of 5-star reviews from fellow teachers who achieved their housing dreams using Teacher Next Door.
This program really is there to support the members of our community who put their heart and soul into improving the community. This is why this program is available to many professionals in the public service sector of the State of Illinois.
3. IHDA 1st Home Illinois Grant
While this program isn’t specific to teachers, it is available to anyone in Illinois that is a first time home buyer looking for that dream home in Cook, Marion, St. Clair, or Winnebago Counties. This program could best fit a teacher who is looking to buy their first home.
With this program you will receive a 30-year, fixed-rate, safe mortgage, which means you will never have to worry about those pesky variable-rates because your interest rate will never change. 1st Home Illinois also boasts competitive interest rates. If you are concerned about your down payment, because well, you are on a teacher’s salary in Illinois, don’t worry! 1st Home Illinois can offer a $7,500 grant to cover your closing costs and down payment. Finally, they can offer you a choice of loan types from FHA, VA, USDA, or FNMA HFA.
In order to be eligible for this program you must be a first time home buyer who is looking to purchase your home in the above mentioned counties. Also, you must be able to put a down payment of 1% of the purchase price or $1,000, depending on which is greater. There are also requirements when it comes to your income and credit score. These are the major qualifications that must be met for this program, and if you are interested you can visit their website to ensure you meet all of their qualifications.
Overall, if you are a teacher who is looking for their first time home, this program could be right for you!
4. IHDA Mortgage Programs
This Access Mortgage program is all about helping the first-time and repeat homebuyer who is in need of some help with down payment and mortgage options. This allows anyone in the state of Illinois, including teachers, to choose a program that will best fit their needs. One of the most exciting parts of each of the 3 options is that you can apply the programs to either an existing home or a new construction!
The first option is the IHDAccess Forgivable Mortgage. In this program you can receive 4%, up to $6,000, of the purchase price to assist you in putting a down payment down and paying for the closing costs. Any of this aid can be forgiven over 10 years on a monthly basis.
IHDAccess Deferred is the next option. If you choose this option you can receive down payment and closing cost assistance for up to $7,500 of the purchase price. The monetary assistance is considered a loan that is interest free. It can be deferred for the entirety of your mortgage. What’s more is that it doesn’t need to be repaid until you pay off your mortgage, sell your home, or refinance.
IHDAccess Repayable is the third, and final option. For this program you can gain assistance for your down payment and closing costs for up to $10,000 of the purchase price. This money is considered a interest-free loan that can be repaid over the next 10 years on a monthly basis.
All 3 of the IHDA Mortgage Programs offer an affordable, fixed-rate, 30-year mortgage. You can also choose which type of mortgage (FHA, VA, USDA, FNMA HFA) according to your needs. All you need in order to qualify is a credit score above 640, a minimum household income, and the home you are looking to purchase needs to be under a certain limit.
5. FHA Home Loans from Educator Mortgage
Our final home loan program is available to just about anyone in the in the education field. Teachers, coaches, librarians, nurses, custodians, professors, counselors, and other educational faculty all qualify.
These programs boast a lot of benefits for those in the educational field. Closing costs at a discounted price, up to $800 in savings, is one of the first major benefits. You can also cash in on up to another $800 in savings on Real Estate Agent fees. So far this program has saved you up to possibly $1,600 on the front end of the home buying process.
Once you have found your dream home and are ready to commit, this program can offer you a reduced wait time on your loan processing, because they put educator mortgage program members at the top of the priority list.
When it comes to the nitty gritty of the home buying process and mortgage, this program can provide even more money saving opportunities. With this program you can have a down payment for as little as 3.5% of the purchase price. In order to quality your credit score should be above 620. However, this program is more forgiving when it comes to your debt-income ratio compared to other home mortgage companies.
Explore your Illinois Teacher Home Loan Options Today!
So there you have it, you now have some options to make the process of buying your home as an Illinois teacher a little smoother! We wish you good luck with your home search! We hope this information can help you find your dream home on your teacher budget!
Again, when searching for your Illinois teacher home loan be sure to compare rates and other benefits. We highly recommend that you start your comparison shopping on LendingTree today HERE.