Home Buying in 60613>Question Details

JaredP, Home Buyer in Chicago, IL

I am 25 years old, married, with outstanding credit...are there any FTHB incentives for me in Chicago?

Asked by JaredP, Chicago, IL Tue Apr 5, 2011

I am looking for any place in greater chicago with metra train access, don't have a lot of money saved up.

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BEST ANSWER
You may qualify for IHDA's Smart Move program. The program offers affordable interest rates and down payment assistance for borrowers of low to moderate income. The program is ideal for borrowers who need extra flexibility on sources of income or who have limited funds for a down payment and/or closing costs.
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
Web Reference: http://www.billsloans.com
1 vote Thank Flag Link Tue Apr 5, 2011
There are FTHB programs out there, but many require maximum income limits, low-moderate income areas, government employment, or other limitations. Because many FTHB programs are not being funded, many lenders are giving credits to FTHB. Contact us if you need more information.

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.
3 votes Thank Flag Link Tue Apr 5, 2011
Hi Jared,

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.

sarahz@jamesonsir.com
312-339-4460
0 votes Thank Flag Link Sat Aug 25, 2012
One more possibility for you is that if you are a veteran you can actually still receive the federal government's first time buyer tax credit. Please get in touch if you need more information. Ultimately you have low prices, low rates and some pretty flexible lending options in terms of required credit score, down payment, etc. as a buyer right now whether first time or not.
Thanks,
George
0 votes Thank Flag Link Wed Apr 6, 2011
Mr. Mohip...

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!
0 votes Thank Flag Link Tue Apr 5, 2011
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