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First-Time Homebuyer

The Village of Skokie, in conjunction with the Illinois Housing Development Authority (IHDA), is pleased to partake in a program to benefit low and moderate-income first-time homebuyers. The program is operated by IHDA and designed to make purchasing a home in Skokie more affordable through special financial incentives. The program offers three alternatives to address the individual needs of first-time homebuyers. The first is a Home Equity Loan Program (HELP) that provides a qualified homebuyer with a grant of 4.25% of the purchase price. Specifically, 3% of the home's purchase price can be applied to reduce the amount of the down payment to be provided by the buyer, and 1.25% can be used to reduce the mortgage loan origination fees. The second alternative is the regular IHDA mortgage program that provides 30-year fixed-rate financing at below market interest rates. The final alternative is the I-Loan Credit Certificate program. This option provides for a dollar for dollar tax credit on the buyer's income tax return of 25% of the annual interest paid on the life of the mortgage. This also results in greater mortgage capacity since the homebuyer effectively has more income after the MCC to put toward the purchase price.

All of these IHDA programs have strict restrictions as to income limits and maximum purchase prices. The income limits for first-time buyers in Skokie are $72,400 for a household of 1 or 2 persons, or $83,260 for a household of 3 or more persons. The maximum purchase price is $325,890 for an existing single unit residence or new construction of a single unit home. Buildings of 2, 3 or 4 units can also be purchased with maximum prices of $367,060, $445,960, and $514,570, respectively. Homebuyers must reside in the multiple-unit buildings.

Skokie residents who are interested in these programs can contact Tom Thompson, the Village's Economic Development Coordinator, at 847-933-8446 for more information and to discuss eligibility. Application information can be received by calling the IHDA Help line at 1-800-942-8439.

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Village of Skokie
5127 Oakton Street
P.O. Box 309
Skokie, Illinois 60077
Phone: (847) 673-0500
Fax: (847) 673-0525
E-mail: info@skokie.org

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