Stacey I too have had these questions imposed upon me and as a Realtor my job is to research and find out all I can to help my clients buy a home they can afford.

Grants are available but as you well know HUD and FHA information changes so quickly it's almost too overwhelming!

I would start at the municipal level. Phones calls are moot ,so try the town website. Here is one example; Cicero has over 50% of their homes in foreclosure and is well qualified to receive these grants through their Neighborhood Stabilization Progam.

Cicero and Berwyn are great areas and some beautiful homes can be bought for cheap but would include rehab work, some in severe cases.

That is where this grant comes in and there are restrictions.

Read more on my website or contact me to find out more (708)369-8094.

http://www.thetownofcicero.com

I live in another state but the USDA was able to provide me with a list of exactly what you are explaining. I would try their website, find the office closest to you, and give them a call. Best of luck!

Stacy
Most of these programs require buyers to attend classes BEFORE they open escrow. They also have strict income limits. Most of these programs have limited funding so it's first come, first served.

When you look for programs look by municipal areas. Below is a link the Cook County website. I did not see any program ffor homeowners. Call them and find out.

Stacy,

i get this questions very often as a loan officer. These programs were very popular during the "housing boom". Unfortunately there are very few municipalities around these days looking to participate.
You do however have a few options for your mortgage needs that may be helpful. HUD has a program where you only need a $100 down payment. Another option is based on the location of the property. This is called a USDA Rural Development loan. This loan is 100% but is limited to certain areas in Illinois. Even if you are left with an FHA loan you still only need 3.5% for a down payment and this money can be a gift.
You can also have the seller pay the closing costs upto 6% of the sale price.
I hope these options are encouraging. If there is anything I can do to help please feel free to contact me.

Steve Smither
ssmither@ardain.com
847-942-5151