Home Buying in Dekalb>Question Details

Arby11886, Home Buyer in Dekalb, IL

Are there any first-time home buyer down payment and/or closing cost assistance programs in DeKalb Co. Illinois?

Asked by Arby11886, Dekalb, IL Wed Mar 23, 2011

Currently I have 3% for my down payment but have been told I need 3.5% at least and that I will have closing costs as well to pay for my first-home. I have found a home and my husband and I are in love and the bank has lowered the price and we're going to try a low-ball offer but still need additional assistance.

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Hello, if you have a traditional IRA, you may withdraw up to $10,000 from it for down payment money on a home without paying the usual tax penalties. Some employers offer assistance for first time homebuyers, as well. You may also consider a loan from your 401K. For any of these options, I suggest also speaking with a financial advisor you trust.
0 votes Thank Flag Link Sat Feb 8, 2014
Yes, there is a first time home buyer program in DeKalb that will provide down payment assistance. Call a local lender.
0 votes Thank Flag Link Mon May 13, 2013
One option would be to ask for a credit at closing from the seller, which can help cover your closing costs. I would also suggest speaking with an experienced lender, who can go over available loan programs with you. For instance, the USDA Rural Loan program was a 100% loan, but only available in towns with a population under 10,000 (http://eligibility.sc.egov.usda.gov). If you have any further questions, please feel free to contact me. I can refer you to a great local lender.
0 votes Thank Flag Link Tue Feb 14, 2012

Since you are sooo close to the required amount for down payment, I'm sure that we can come up with a solution. The extra funds needed can always be gifted from a family member. As far as the closing costs go, those can be paid by the seller as long as they are negotiated into the purchase contract. If you have any questions, feel free to contact me.

Good luck,
0 votes Thank Flag Link Wed Mar 23, 2011
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