Down Payment: As low as 3% for first-time homebuyers.

 

Details:  Ideal for buyers with stable income and stronger credit scores (usually 620+).  If you put down less than 20%, you will pay Private Mortgage Insurance (PMI), but unlike govenment loans, PMI drops away automatically once you build 20% equity in the home.

Down Payment:  Minimum of 3.5%.

 

Details:  Highly popular for first-time buyers or those with less-than-perfect credit (scores down to 580 qualify for the 3.5% option).  Because the government insures the loan, guidelines are more flexible, but Mortgage Insurance Premium (MIP) is required for the entire life of the loan.

Down Payment:  0% 

 

Details:  An incredible benefit reserved exclusively for qualified Veterans, Actice-Duty Service Members, and eligible surviving spouses.  It features lower interest rates, no monthly mortgage insurance, and flexible credit requirements.

Down Payment: 0%

 

Details: Designed to promote homeownership in suburban and rural communities.  Many areas just outside the immediate Quad Cities limits qualify.  The property must be in a USDA-eligible zone, and the buyer must meet specific household income limits.

Illinois (IHDA Programs):  Offers up to $10,000 in assistance for down payments and closing costs for qualified buyers statewide.

 

 

Iowa (IFA Programs):  Offers a Firsthome Grant of $2500 or a 2nd Mortgage Loan providing up to 5% of the sale price to cover down payment and closing costs.