Chicago 1st Time Home Buyer

It’s a great time to be a Chicago 1st time home buyer. Residences in the Windy City are available on a buyer’s market basis, great financing is available, interest rates are low, and the alternative rent is rising. You may even qualify for a sizable tax credit courtesy of government realtor stimulus! One of the first thing that a Chicago 1st time home buyer should research is how much or how little down they’ll be expected to front for their new potential place of residence. Some Chicago 1st time home buyer programs, government funded and otherwise, make that incredibly easy, even with special deals for teachers, nurses, and other civil servants. Read on to see what special Chicago 1st time home buyer program you qualify for!

Chicago 1st Time Home Buyer Grants: The Government’s Gift of Home-owning Prosperity

The U.S. Department of Housing and Urban Development website supplies grants and applications for Chicago 1st time home buyers who seek a grant of several thousand dollars to help towards their home. Considering the cost of buying a home these days, you’re lucky to find something reasonable. The grants are operated state by state but under the Federal Housing Administration (FHA). The Illinois grant that Chicago 1st time home buyers apply for endows $3,000 for low income families and $5,000 for extremely low income families. These grants are in steady supply: during the housing blow-out of 2006, only two states ran out of 1st time home buyer grants.

Illinois residents can also participate in something called an “I-Loan certificate”. An I-Loan certificate is not a mortgage, but a credit on federal income tax for as long as their mortgage lasts; if someone attains a 30-year fixed rate mortgage while they have their claws on an I-Loan certificate.

Veterans 0% Down Loans

The Veterans’ Administration has long established a program for Chicago 1st time home buyers (and elsewhere) to have 0% down on mortgages. Some, but not all, FHA mortgages offer the same 0% down rate.

Some FHA Chicago 1st Time Home Buyer Loans offer 0% down rates, but not all…

FHA Chicago 1st Time Home Buyer Programs

Not everyone knows about FHA’s beneficial first time buyer programs—they currently constitute 10% of all mortgage originations. If you qualify, some 0% down FHA mortgages have enviable APRs like 5.25%. FHA mortgages are also forgiving, as someone who’s filed Chapter 7 bankruptcy a few years ago or Chapter 13 bankruptcy the previous year.

To qualify for an FHA loan, you must be a Chicago 1st time home buyer (or elsewhere) buying a home $410,000 or less.

What’s That I Heard About $8,000 1st Time Home Buyer Credit?

You may have heard that time is running out for Chicago 1st time home buying credit, a government stimulus gives each Chicago 1st time home buyer an $8,000 tax credit, even without any special applications or eligibility! You better act before November 30, 2009, to take advantage of this government offer—the stimulus designed to get the housing market back on its feet.

If you need more information on Chicago 1st time home buyer programs, give the qualified mortgage lenders a call! We’re here to help you get a home, the sound foundation on which you can live the rest of your life. Call us today! 773-305-LOAN.

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