Chicago First Time Home Buyer

You’ll be happy to know that there are first time home buyer relief programs in all states. But as a Chicago resident, the one you need to concern yourself with is strictly the Chicago First Time Home Buyers program.

What Is The Chicago First Time Home Buyer Program?

This is a question we get a lot. To answer it simply, the Chicago first time home buyer program was created specifically to assist individuals who haven’t owned a home take their first steps toward reaching that goal. A lesser known fact is that the program is also available to people who have not owned a home for longer than 3 years.

There are actually several variations of the program in the state of Illinois, all of which are listed below:

Closing Cost/ Down Payment Assistance

With the goal of coaxing more renters into home buyers, the Illinois Housing Development Authority’s Affordable Housing Trust Fund Program was formed. The point of this specific program is to help those individuals who have lower than average incomes with the down payments and closing costs that might otherwise prevent them from buying a home.

Other Sponsors

For those who are not eligible for the Trust Fund assistance mentioned above, there is another piece of the Chicago first time home buyers program that can help. Different types of sponsors that can fall under this kind of category include not-for-profit corporations, for-profit corporations and governmental units.

Additional Help for Chicago First Time Home Buyers

Through the Chicago first time home buyers program, sponsors can contribute to low income families by providing grants from anywhere between $3,000 and $5,000. The money can be used to pay required equity contributions as well as any fees pertaining to closing costs and down payments.

How to Get Started With the Chicago First Time Home Buyers Program

In relation to the Trust Funds, you have to apply for one during one of the three application periods that occur each year. You also must meet certain criteria to be eligible for a grant, and so you definitely need to speak with someone who specializes in the process.

Call 773-305-LOAN or fill out one of our contact forms to get a free report on your loan eligibility. Contact us today.

Mortgage Center

Purchase the home of your dreams! A and N Mortgage Services, Inc. has the mortgage program designed to meet the needs of your individual financial situation.

Refinance Center

Gain extra cash by refinancing your home loan. A and N Mortgage Services, Inc.'s refinance programs are tailored to fit your specific lending requirements.

Real Estate Center

Stay informed on buying and selling your home! Search in the A and N Mortgage Services, Inc.'s Chicago home listings, open houses and tips.

Apply

Get a fast application and closing process! Complete your mortgage application online both quickly and easily with A and N Mortgage Services, Inc..