Loan Programs Make Homeownership Possible for All
If you have modest savings, you may feel like the path to homeownership is out of reach. Not so. Liberty Bank offers several programs and products that can put you on the path to homeownership.
Low down payment loans
HomeReady Mortgage* is one option. It features a down payment as low as 3% and lets you gather funds for that down payment from sources like family members and grants.
Both first-time and repeat buyers are eligible, and co-borrowers don’t need to live in the property. The program also includes online guidance that gets you up-to-speed on being a successful homeowner.
Lower borrowing costs
The Downpayment Plus®** Program is another option. For those who qualify, it offers up to $6,000 to use toward down payment and closing costs and provides education to prepare you for the homebuying process. If you’re able to contribute at least $1,000 to the purchase of a home, you may be eligible for Downpayment Plus®.
We’re committed to helping you become a homeowner.
If you’re ready to explore your options, contact a loan officer at Liberty Bank at 773.594.6647.
* The HomeReady product can be used with a 30, 20, 15 or 10 year fixed rate term. Maximum loan amount of $647,200. Lock Period 60 days. Sample Repayment Terms: the terms of repayment for a 30 year fixed rate confirming loan of $165,000 for a one unit owner occupied residence are 360 payments at $696.55 with a 3.373% Interest Rate and Annual Percentage Rate (APR) of 3.250%, effective as of June 18, 2021. This rate includes 0 points. The payments do not include amounts for taxes and insurance premiums which will increase the actual payment obligation. Private Mortgage Insurance (PMI) is required, although may be canceled over time. The APR on your specific loan may differ from the sample provided. Maximum LTV/CLTV: 97%. Minimum credit score is 620. No FHA loans. This rate is subject to change at any time by Liberty Bank and is not valid with any other offer.
**Downpayment Plus is a program from the Federal Home Loan Bank of Chicago. Restrictions apply. Please see the Federal Home Loan Bank of Chicago’s website at www.fhlbc.com for complete requirements. “Downpayment Plus” is a registered trademark of the Federal Home Loan Bank of Chicago.