As mentioned in the previous answer, the program has income and purchase price limits. Please see the limits for Cook County below.
Max Income limits
Household 1-2 $75,100
Households 3 or more$86,365
Max Purchase price limits
1 unit $349,020
2 Units $446,800
The information in this answer provided by Attorney Ranj Mohip is general information and is not intended as legal advice, nor does the attorney intend to create an attorney-client relationship with any reader by answering this question or otherwise contributing as a member of Trulia.com.
You will qualify for the smart move program with outstanding credit and if you and your wife make less than around $100k per year. In a nutshell, you can buy a place for as little money down as 1% of the home/condo purchase price. This is generally about as much as you would spend on a security deposit and first months rent!
Get in touch with me to learn more and set you up on the MLS for a customized search so that you can see what kinds of homes and condos are in your price range and in the area you like.
I am sorry this is probably a very novice question...but what do you mean lenders are giving credits to FTHBers?
As in they are providing the incentive as opposed to local, city, or state governments? Obviously I know any example may not apply to me, but can you give me an idea of what something like that may be like?
Thank you so much for the clarification!