Home Buying in Chicago>Question Details

AML, Home Buyer in Chicago, IL

Area Median Income Subsidy Question

Asked by AML, Chicago, IL Wed Aug 14, 2013

I am interested in buying a 2 flat (owner occupant rental) This would be my first home purchase. I currently have the down payment for an FHA type loan available. I have a lender but he is currently on vacation and I need to submit my forms by this Friday. There is an addendum i need to include with my offer. My agent sent it to me and asked me to complete it. There is a line where it asks me to initial where it states "by initialing purchaser is below 80% AMI based on household size and is requesting additional subsidy in the amount of ________ (up to $20,000) my question is: Do I initial there? I wasn't specifically looking for financial assistance, but of course if its available, I would like to take advantage, so long as it does not make me look like a weaker buyer. I have already lost bids where I offered over asking, I don't want to lose another bc I either look like a weak buyer or because I do not look like a buyer "in need" for the NHS program. How do subsidies work?

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Answers

2
Greetings AML,

Were you able to properly submit your paperwork?
0 votes Thank Flag Link Mon Aug 19, 2013
Hello,

Talk to your lender's manager and your broker for guidance. That said, this program is available for HUD homes & owner occupied only, therefore I think you should take advantage of it, it's smart business.

Good luck!
0 votes Thank Flag Link Thu Aug 15, 2013
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