Home Buying in 60439>Question Details

Trammell10, Home Buyer in Crystal Lake, IL

Can someone tell me more about the rent to own and first time buyer programs in Illinois. My husband and I are looking for a new home.

Asked by Trammell10, Crystal Lake, IL Sun Jan 6, 2013

Our credit isn't very good in fact we recently paid of an eviction on our credit report and are looking for a home. Someone please help!

Help the community by answering this question:


Hi Trammell10,

I work with a very good and reputable credit repair company based out of Plainfield that I can refer you to. You should get on the road to start fixing your credit so you can own in the future. Let me know if you would like their contact info.

Sean Cochran
630-470-6830 office
630-330-2229 cell
0 votes Thank Flag Link Tue Mar 5, 2013
Your Realtor can, if you do not have a Realtor yet, interview some and hire one. You want a trusted relationship that will guide you through a home purchase.

Best of Luck.
0 votes Thank Flag Link Fri Mar 15, 2013
As a Coldwell Banker Agent, I work with a great company that may be able to assist you http://www.hyperionhomes.org 1-877-234-5155. They have a Lease with Purchase right program that sound right for your you. Let me know if I can be of further assistance. http://www.dawn@dawnmccoy.com
0 votes Thank Flag Link Fri Mar 15, 2013
Thank you so much for your help! My husband and I have really been looking for information and have not been very successful. It's great to know we still have hope! Thanks! God Bless!
Flag Fri Mar 15, 2013
You are desperate!
Your Credit or Finances, or both, will not allow you to go the conventional route:
You need the Seller to help you out!

The Seller will know it, and you are going to pay dearly for this service:
There aren't too many altruistic Sellers out there.

There is no FORM printed by anyone; there are just too many variables.
The terms that can be written into a Lease/Option can be dangerous to you:
How long is the Option period?
How much money are you putting in to the Option?
What happens if you are not able to execute the Option?
How do you know what your financial situation will be 2-5 years from now?
How much is the rent in the meantime?
Who will be responsible for maintenance and repair in the meantime?
What will be the Market Value of the home in 2-5 years?
What will be the Selling price 2-5 years from now?

This is the Ultimate Caveat Emptor!

Good luck and May God bless
0 votes Thank Flag Link Tue Mar 5, 2013
Rent to own is actually not as easy as it sounds, especially in this market and if you don't have good credit. From the seller's standpoint, why would they want to tie up the future sale of their home if you don't qualify for a mortgage in one or two years, or whatever the time frame that you are considering? However, if you are able to convince a party to rent to you with your damaged credit, when they are ready to sell the home it would be in their best interests at that time to contact you as the renter and let you know the potential terms...especially if you have already let them know of your interest. For now, your job is to repair that credit, especially since there is an eviction on it. Many landlords now require credit, criminal background AND eviction reports before considering a party as a renter.
0 votes Thank Flag Link Tue Mar 5, 2013
Rent to own is starting to get popular again. With that program you would agree on a price and timeframe to buy the home. In the meantime you would pay rent plus an amount that you would like to go toward your down payment which gets credited to your purchase price when you buy the property.
0 votes Thank Flag Link Sat Jan 26, 2013
I live in Indiana, but the rent-to-own properties should be pretty similar in any state. Rent-to-own properties are being financed from the owner of the property instead of a bank or credit union or mortgage company. I think one of the best sources you can start with is the HUD (Housing and Urban Development) website at http://www.HUD.gov. They have all kinds of information about federal first-time buyer programs, buying homes and about anything else you would need to know inbetween. As far as first-time buyer programs in Illinois, you may be able to get some more information on the Illinois website at http://www.ihda.org.

After you do your own research I would suggest contacting a lender about pre-qualifying for a mortgage loan. They can help you see how much home you can afford and will give you documentation you can present to a seller or a realtor showing that you are a viable home buyer. The lender can also assist you in counseling you on how to improve your credit. If you get the right lender, they can be very, very helpful in helping you get back on your feet with your credit rating and how to turn your past around.

Then, you should contact a realtor who can help you with your home search. Ask your friends and family if they have had good experiences with a certain realtor. Or you can find a home on Trulia or other homesearch websites, you like and send an email that will be forwarded to a realtor. The realtor should contact you in no less than a day or two and start the ball rolling in your home search.
0 votes Thank Flag Link Sun Jan 6, 2013
Thank you very much with this information! God bless
Flag Sun Jan 6, 2013
Search Advice
Ask our community a question
Email me when…

Learn more

Home > Illinois > Cook County > Lemont > 60439 > Home Buying in 60439 > Question
Copyright © 2016 Trulia, Inc. All rights reserved.   |  
Have a question? Visit our Help Center to find the answer