Buying your first home doesn’t look the same for everyone. Liberty offers a range of first-time homebuyer options — including loans designed for different levels of readiness, closing cost credits for eligible buyers, and programs that provide education and guidance about the home buying process. Our local lending team can help you understand which options may be a fit based on your goals, credit, and budget.
For well-qualified borrowers
A good fit if you’re financially prepared but don’t want to wait years to save 20% down.
Some first-time buyers may also qualify for Liberty closing cost credits, based on where the home is located and household income.
Liberty also offers additional low down payment options for income-eligible first-time buyers who may benefit from added guidance. Click here to learn more.
“For first-time home owners, it gets kind of stressful. It’s a big commitment.
It helps having a bank you can trust, that has good communication and lets you know that everything’s gonna be taken care of.”
*The 10% Down Payment First-Time Homebuyer Loan offer is valid 2/1/2026 – 3/31/2026. All borrowers must be first-time homeowners and have a minimum 740 credit score and a maximum debt-to-income ratio of 45%. Only applies to primary residence 1-unit properties in Cook or DuPage County, IL. An escrow account is required. Not eligible for Liberty rate match program. Private mortgage insurance is required. Funds are limited and cannot be reserved until a completed application is made along with a fully executed sales contract.
**Closing Cost Credits: Properties must be in Cook or DuPage counties. $1,500 credit for homes in majority/minority census tracts. $2,000 credit for homes in low-to-moderate income census tracts if total household income is less than 100% of the Area Median Income (AMI). If both conditions are met, the borrower will receive the closing cost credit amount of the combined amount. If total closing costs are less than total available credits, the amount of the credit will be reduced to match the allowable closing costs.
***Downpayment Plus® is a program offering up to $10,000 from the Federal Home Loan Bank of Chicago to help with the downpayment and closing costs. Restrictions apply. Please visit fhlbc.com for complete requirements. 3% Downpayment loans available as part of the Fannie Mae HomeReady® Mortgage. Please visit fanniemae.com for loan requirements. Loan terms subject to credit approval.
Equal Housing Lender, NMLS# 787575
