Find Home Buyer Grant Options in Vermilion, IL
Vermilion, IL Home Grants
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Grant Benefits in Vermilion, 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 Vermilion, 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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Trusted across the board in all areas of home purchase and refinancing loans.
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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 Vermilion, IL.
Excellent Support
We offer 24/7 support services for all your needs. Call the Vermilion, 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 Vermilion, Illinois. Our clients in Vermilion 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.
Come find us – we are always available!
Click the link to the right to find our closest location to you!
Testimonials
Vermilion (sometimes spelled vermillion)[2][3] is both a brilliant red or scarlet pigment, originally made from the powdered mineral cinnabar, and the name of the resulting color.[4] It was widely used in the art and decoration of Ancient Rome, in the illuminated manuscripts of the Middle Ages, in the paintings of the Renaissance, as sindoor in India, and in the art and lacquerware of China.[5][6]
The word vermilion came from the Old French word vermeillon, which was derived from vermeil, from the Latin vermiculus, the diminutive of the Latin word vermis, or worm. It has the same origin as the English word vermin.[4] The name originated because it had a similar color to the natural red dye made from an insect, the Kermes vermilio, which was widely used in Europe.[7] The words for the color in Portuguese (vermelho), Galician (vermello) and Catalan (vermell) have the same origin. The first recorded use of vermilion as a color name in English was in 1289.[8][9] The term cinnabar was used interchangeably with vermilion until the 17th century, when vermilion became the more common name. By the late 18th century ‘cinnabar’ applied to the unground natural mineral only.[citation needed]