Find Home Buyer Grant Options in Toluca, IL
Toluca, IL Home Grants
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Grant Benefits in Toluca, Illinois
INSTANT EQUITY Through the Smart Mortgage Centers Grant Programs, you keep your money in your pocket. This means instant equity in the home you just bought.
NO SECOND LIENS We believe in a head start, not starting you behind. A majority of Smart Mortgage Centers grant programs are 100% Grant funds. This means no 2nd lien/mortgage on you.
100% FINANCED GRANTS Typical down payment assistance programs that most lenders offer require a 2nd lien in order to provide you with the funds. Our funds are 2nd Lien free, and completely 100% grant funds. This means no repayment by you.
Grant Options in Toluca, Illinois
Conventional Grant Programs
- Conventional Loan Product
- Underlying 1st Mortgage, Fannie Mae HomeReady®, 30-year Fixed Rate*
- 1st Time Homebuyer requirement
- 3% down- Provided in Full by Eagle Connect Fund
- 1-Unit Single Family Primary Residence: Including Eligiblee condos, co-ops and PUDs
- Reduced MI to 25%
- Non-occupant Co-Borrowers/Co-signers may be permissible
- Up to 100% of AMI
- No income limit in low income census tracts
- Cash Back to Borrower: Refund of borrower’s earnest deposit money
- 640 Credit score to qualify
- 680 Credit score may get even better pricing
FHA Grant Programs (Most Popular)
- 580 Credit Score Required
- Grant is completely forgiven – no repayment required!
- Grant can be used for down payment
- Seller Credit of 6% is allowed
- Gift funds are allowed!
- Borrower(s) not required to be First Time Homebuyers.
- Income limit is based on qualifying income used for transaction, not household income.
Smart Advantage Program
The DPA Advantage Program contains a wide-array of options that will meet your borrower’s needs. The program features include, but are not limited to:
- One program used for all types of borrowers, with the same qualifications
- Completely forgivable grant, equals 2% of purchase price
- May be combined with up to 6% seller concession for closing costs
- No resale restrictions
- No borrower repayment restriction option available
This program offers a set of flexible qualification criteria. Do you have a borrower that fits into any of the categories below? They may be eligible for the Smart Advantage Program.
- Total borrowers income is equal or less than 140% of median area income, or;
- First-time home buyers, or;
- Any borrower on the loan application who is a current, retired, volunteer or non-paid:
- first-responder (police officer, firefighter, public safety officer, paramedic, emergency medical technician (EMT), including volunteers or similar);
- educator;
- medical personnel (nurse, doctor, phlebotomists, health ambassador, or hospital, American Red Cross worker, or similar);
- civil servant in a federal, state or local municipality; or
- military personnel
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Mortgage Consultants
We have a highly trained professional mortgage team. Have confidence knowing our team specializes in each grant program available in Toluca, IL.
Excellent Support
We offer 24/7 support services for all your needs. Call the Toluca, Illinois home buyer grant line at (888)416-0920.
About Us
When it comes to home buyer grants, Smart Mortgage Centers is the most trusted name in Toluca, Illinois. Our clients in Toluca look to us because our Loan Consultants have many years of professional experience in the mortgage industry. We always go out of our way to make our clients happy and fully satisfied.
How We Work
Start the Pre-Qualification Process
We offer Free Quotes and no application fee. Contact us today for a FREE home buyer grant consultation.
Online Home Grant Application
Online applications, secure document uploads and electronic signatures will get you to the closing table hassle free and in no time.
Fast Closings
Our goal is to get you into a new home fast! Gather your documents and prepare for a house warming party.
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Testimonials
Toluca [toˈluka], officially called Toluca de Lerdo [toˈluka ðe ˈleɾðo], is the state capital of the State of Mexico as well as the seat of the Municipality of Toluca. It is the center of a rapidly growing urban area, now the fifth largest in Mexico. It is located 63 kilometres (39 mi) west-southwest of Mexico City, about 40 minutes by car to the western edge of the city. According to the 2010 census, the city of Toluca has a population of 819,561.[2] The city is the fifth largest in Mexico by population. The municipality of Toluca, along with thirteen other municipalities, make up the metropolitan population of 2,116,506 in Greater Toluca as of 2015[update],[3] making it the fifth most populous metropolitan area in Mexico.
When Toluca was founded by the Matlatzincas, its original name was Nepintahihui (land of corn, tierra del maíz). The current name is based on the Náhuatl name for the area when it was renamed by the Aztecs in 1473. The name has its origin in the word tollocan that comes from the name of the god, Tolo, plus the locative suffix, can, to denote “place of Tolo”.[4] It is also referred to in a number of Aztec codices as Tolutépetl, meaning hill of the god, Tolo, an allusion to the nearby volcano.[5] The name Toluca de Lerdo was adopted in 1861 in honor of President Sebastián Lerdo de Tejada.[6]