Home Buying in Chicago>Question Details

cnm4000, Home Buyer in Chicago, IL

Are there any grants for first time howe owners? Thanks

Asked by cnm4000, Chicago, IL Fri Feb 22, 2013

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1 vote Thank Flag Link Fri Feb 22, 2013
There are still a few options. I would recommend looking at the IHDA website for further grant information. You can look towards the Smart Move program if it is still available (my company does not offer this - so Im not sure)
There can also be various employer grants available depending on your occupation (CPS employees, Fire Fighters, Police officers, EMT's)
In April there should also be funds available for the City of Chicagos Tax Smart program which is a great option for first time buyers (and others in targeted areas)
I work with a lot of first time buyers and I am more than happy to walk you through your options an dpoint you in the right direction. Regardless - talk to a lender, get pre approved, and look for further options. Good luck!
Sam Sharp
Senior VP of Mortgage Lending
Guaranteed Rate
773 290 0455
1 vote Thank Flag Link Fri Feb 22, 2013
Great question! I would advise to speak with a local Real Estate Agent who has experience working with first time buyers. There are many benefits and discounts but I would advise you to research and ask friends in your area to recommend an agent who can guide you through the process :)
1 vote Thank Flag Link Fri Feb 22, 2013
Yes, there are several programs that offer down payment assistance for first time home buyers. I would be happy to help you secure a mortgage with down payment assistance. Joanna Weiss 773-327-3580
0 votes Thank Flag Link Fri Mar 8, 2013
Yes, there are. I can answer any questions you may have if you would like to give me a call.

Sean Cochran
630-470-6830 office
630-330-2229 cell
0 votes Thank Flag Link Mon Mar 4, 2013
Also, many lenders have programs for police, firefighters and school teachers.
0 votes Thank Flag Link Sun Feb 24, 2013
There isnt really any options at this point. I would call a few different lenders and see what they can offer.
0 votes Thank Flag Link Fri Feb 22, 2013

Sam and Brendan ave you some great leads!
0 votes Thank Flag Link Fri Feb 22, 2013
The answer is Yes! These down payment assistance programs vary by county, city and income. In most cases you have to be a first time home buyer. My name is Velda McKnight. I am a licensed real estate broker in the states of Illinois and Georgia. If I can be of assistance please feel free to contact me at 312-285-4479. Much success in your home purchasing process.
0 votes Thank Flag Link Fri Feb 22, 2013
IDHA is a fine program that will give you up to $6,000 in down payment money. Wells Fargo is administering a grant called CityLift that can get you up to $15,000 in down payment money. These programs have income and savings limits on them so you will want to consult the lender on this. I have been recommending Rick Lapins for over 20 years. He knows his business and takes very good care of my clients. You can reach him at 312-274-4133. Also ask about the Tax Smart program. This program allows you to increase the tax exemption you receive on your mortgage interest payments.

Deb Russcol, GRI
The Realtor Who Listens To Your Needs.
0 votes Thank Flag Link Fri Feb 22, 2013
Evanston has a first time home buyer program.

Also, for IHDA and other options contact Bernard Duganzik with Key Mortgage 847 508 0190 as he can let you know if you can get a loan and if you qualify under IHDA, FHA, and possibly the Live Evanston program.
0 votes Thank Flag Link Fri Feb 22, 2013

In the metro DC area there is a grant given out by MANNA through Wells Fargo that gives down payment assistance up to $20,000. I had a client buy a home in January using this grant and it does not have to be repaid so long as he lives in the house for 5 years, with 20% forgiven for each year he is there.

I don't know if such a program is available in Chicago, but it would be worth checking out. I did find this program for First Time Homebuyers through the Illinois Housing Development Authority: http://www.ihda.org/homeowner/granthomebuyer.htm
0 votes Thank Flag Link Fri Feb 22, 2013
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