| Lender | LendingTree rating and “best of” category | Lender review |
|---|---|---|
 |  Refinance loans | Read our review |
 | VA loans | Read our review |
 | Jumbo loans | Read our review |
 |  Online mortgage experience | Read our review |
 | FHA loans | Read our review |
 | Home equity loans | Read our review |
 |  Mortgage loan variety | Read our review |
First-time homebuyers in Illinois have a wide range of loan options, including conventional financing, Veterans Affairs (VA) loans for veterans, U.S. Department of Agriculture (USDA) loans for properties in rural areas and Federal Housing Administration (FHA) loans designed for first-time borrowers, although not limited to that group. In addition, the Illinois Housing Development Authority (IHDA) offers several homebuyer programs available to both first-time homebuyers and repeat buyers.
The IHDA Access program provides down payment and closing cost assistance to eligible borrowers. Three options are available:
This program offers up to $6,000 in down payment and closing costs as a loan that will be forgiven over five years. Opening Doors works in combination with multiple loan programs.
Borrowers with at least $1,000 in student loan debt can receive up to $5,000 in down payment and closing cost assistance. In addition, these borrowers can receive up to $40,000 in student loan debt relief. The student loan relief can’t exceed more than 15% of the home’s purchase price or $40,000, whichever is lower, and must pay off the entire student loan balance of at least one of the borrowers at the closing.
The following requirements apply to all IHDA homeownership programs. Buyers must:
Learn more:
→ Illinois first time homebuyer programs
→ FHA loan limits in Illinois
If you want to keep your home but would like to reduce your mortgage payments or pay off your home faster, you may want to consider refinancing your mortgage. Refinancing requires a new loan application based on your home value and your credit profile.
To decide whether to refinance or not, consider how long you expect to stay in your home. Establish your goals in the context of your overall financial plan. If you plan to sell your home in a year or two, a refinance may not be worthwhile because of the closing costs you must pay.
One step in the process of deciding whether a refinance makes sense for you is to check out mortgage rates in Illinois. Check your credit and estimate your home value to determine if you can qualify for a refinance. Consider your options, such as:
If you decide refinancing is a smart financial move, shop around for your best rates from several lenders and be sure to compare their fees, too.
