State Bank of Niantic is now an approved as a participating lender to offer the "First Time Homebuyer Program" through the Illinois Housing Development Authority (IHDA). The First Time Homebuyer program is designed to assist the first time buyers by offering 30 year Fixed Rate mortgages at below market interest rates.

The First Time Home Buyer’s Program is limited to Households with maximum incomes of $60,300 if 1 to 2 Household Members and maximum incomes of $69,345 if 3 or more Household members. The program is also limited to Single Unit New homes Priced under $139,730 or Existing Homes priced under $80,620.

The First Time Home Buyer requires applicants to be a First Time Homebuyer meaning applicants have not owned a home as a principal residence in the preceding 3 years. First Time Buyers also must have sufficient income to support the mortgage payment also have an acceptable credit history.

Under the First Time Homebuyer Program the minimum down payment for qualified buyers is 5% of the purchase price. Down payment amounts cannot be a loan or gift however gifts are allowed above the initial 5%. Larger down payments lower monthly mortgage payments, in event the total down payment is less than 20% Private Mortgage Insurance (PMI) is required.

For more information please contact Howard Lemons at State Bank of Niantic.