DuPage Downpayment assitance

[Anonymous]

I have been reading and gathering as much information as possbie.

If I was a buy a house in the same county, but different village/city etc, would the rules still be the same?

Any lastly, it seems like the downpayment assistance is geared towards low income earners.

Family Size
1 2 3 4 5 6 7 8 Household Income*
$40,550 $46,350 $52,150 $57,900 $62,550 $67,200 $71,800 $76,450
*Income guidelines are determined by HUD and adjusted annually (updated January 2014).

My wife and myself are way above the household limits, is there anything else that can help us with some assistance?

Thanks

[Anonymous]

All I would like to know whether there are programs that are also geared towards high income earners, who are trying to buy their first house in Illinois

[DanTheMan77]

I'm not in Illinois, but "High Income" and "Downpayment Assistance" don't usually go togther. As you noticed, the programs are typically for low to moderate income families. Having a high income and no savings is usually a red flag to lenders.

[StartingOver10]

DantheMan is right.

Go to daveramsey.com and read up on budgeting so you can save up a down payment for your purchase. Or sell extra items around the house or pick up a second job or a combination of all three.

Some people borrow funds from their 401k. Some people have access to gift funds from a family member.

Some people start with an FHA loan (low down payment required) and then as the value of the home increases refi into a conventional loan. There are no income limits to FHA loans. 

If you have access to a VA loan, then you can get 100% financing. But you have to be a veteran and meet other criteria.