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IHDA Buyer Assisted
Lending Programs

Since 2014, First Northern has partnered with the Illinois Housing Development Authority (IHDA) to offer members specialized homebuyer programs.  These programs are ideal for members wishing to buy a home that need extra flexibility or who have limited funds for down payment and/or closing costs, yet have the financial means to maintain monthly mortgage payments.

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Unsure if you may qualify for one of these programs?

Contact us at (888) 328-8677, extension 505 or mortgagegroup@fncu.org

  • Ideal for first-time and non-first-time homebuyers
  • Down Payment Assistance Amount: Flat $6,000. Forgiven over 5 years.

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  • First-Time and Non First-Time Homebuyers
  • Down Payment Assistance Amount: 4% of Purchase Price - up to a max of $6,000.00
  • Monthly Payment: No monthly payment. The 2nd mortgage shall be forgiven pro rata on a monthly basis over a 10-year forgiveness period. (Review Mortgage and Note for full terms.)

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  • First-Time and Non First-Time Homebuyers
  • Down Payment Assistance Amount: 5% of Purchase Price - up to a max of $7,500.00
  • Monthly Payment: No monthly payment due. Full repayment of the 2nd will be due upon the sooner of the maturity date or repayment of the 1st mortgage (including refinance or sale of the property), or other qualifying repayment events. (Review Mortgage and Note for full terms.)

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  • First-Time and Non First-Time Homebuyers
  • Down Payment Assistance Amount: 10% of Purchase Price - up to a max of $10,000
  • Monthly Payment: 2nd Mortgage Amount ÷ 120 months = Monthly Payment Amount (Review Mortgage and Note for full terms.)

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DISCLAIMER: All program funding and availability is subject to change at any time, and is not guaranteed until the lender places a complete reservation with IHDA Mortgage. Potential borrowers must meet all applicable program guidelines and income/purchase price limits for the county the property is located in to be eligible. Detailed program guidelines and requirements can be found in the procedural guide posted in the IHDA Document Library.