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I was told by a realtor, in the state of Illinois, today that there is currently a program that will provide '$7,500 in assistance for someone who has not owned a house in the past 3 years'. I tried to find an official source to get more information about the program, but I'm having trouble finding it.

I can find a federal tax credit of $7,500 for first time home-buyers described on the IRS's website (https://www.irs.gov/uac/First-Time-Homebuyer-Credit-1) but it seems to only apply to houses purchased in 2008-2010.

Can someone please clarify?

  • @mhoran_psprep - you're absolutely right. Thank you. – Rob P. Dec 12 '15 at 20:37
  • Ask the realtor to provide a citation? – keshlam Dec 12 '15 at 21:08
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It appears that there is some kind of a state-sponsored program in IL, not sure about the details. It is not a tax credit, though. Read about it at the IHDA website.

First-time homebuyers in Boone, Cook, DeKalb, Fulton, Kane, Marion, McHenry, St. Clair, Will or Winnebago counties can get $7,500 in down payment assistance with a competitive interest rate for a secure, 30-year fixed rate mortgage. 1STHomeIllinois is tailored for first-time homebuyers, Veterans, or anyone who hasn't owned a home in the last three years living in one of the above 10 counties.

The Federal tax credit was indeed only for 2008-2010.

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