Home Buying in Chicago>Question Details

Jacob Hill, Renter in Chicago, IL

I make about $75K, have some CC debt and a loan. Can i get a mortgage without a down payment?

Asked by Jacob Hill, Chicago, IL Thu Apr 10, 2014

Help the community by answering this question:


Best way to see is to call a lender.
2 votes Thank Flag Link Fri Apr 11, 2014
Check this helpful site, http://welcomehomeillinois.gov/. It's great program for people who wants to buy their first home. Feel free to contact me if you need further assistance.
1 vote Thank Flag Link Thu Apr 10, 2014
The State of Illinois is giving buyers who qualify $7,500 to help them buy a home and this can be used in the downpayment. Buyer has to come up with only 1% of the purchase price under this program.

Interested? Contact me.

Jeff Nobleza
Baird & Warner
773 677 5340
1 vote Thank Flag Link Thu Apr 10, 2014
email me at jmichaels@remax.net I will send you my contact
0 votes Thank Flag Link Wed Apr 16, 2014
I would contact a lender. Let me know if you need help finding one.
0 votes Thank Flag Link Tue Apr 15, 2014
Hello Jacob,

Zero down payment loans are a thing of the past. You can purchase, depending on your loan product, with as little as 3% down.

If you need a lender referral call Tim Regan 312-560-7651 or Matt Bukovy 773-416-7107, both are exceptional and can point you in the right direction.

Good luck!
0 votes Thank Flag Link Fri Apr 11, 2014

You must always have some contribution. Right now I am working with a bank that has several down payment assistant programs. I would be happy to assist you. I suggest you talk to more than one lender.
0 votes Thank Flag Link Fri Apr 11, 2014

There are down payment assistance programs for first time buyers. However, you need to contribute 1000 or 1% minimum on an fha loan.

Check out IHDA page below for details. I would be happy to refer you to a lender who deals in these loans.

Suzanne Hamilton
RE Homes Source
Web Reference: http://www.ihda.org
0 votes Thank Flag Link Fri Apr 11, 2014
Hello Jacob,

You maybe able to get a loan with no down payment, BUT you will have a hard time getting an offer accepted.

Sellers are very COLD on accepting offers from buyers with no money of their own at risk.

Your down payment can also be a gift from a friend, or family member.

Some cities offer down payment assistance programs, but you will have to purchase a home in a targeted area in most cases.

Talk with a local lender, they should be able to advise you further on programs available in your city.

I wish you the very best.

Kawain Payne, Realtor/Notary
Berkshire Hathaway Home Services
Seal Beach Ca
0 votes Thank Flag Link Fri Apr 11, 2014
You need to get prequalified from a Lender in order to find out the availability of programs that you may qualify for.

Income, Credit and Down Payment will determine your ability to qualify.
Web Reference: http://www.BJDLOANS.com
0 votes Thank Flag Link Fri Apr 11, 2014

If you are a veteran, you can get a VA loan with nothing down. If you are a civilian, much depends on your credit score. You can get conventional financing with 5% on a home or condo. With an FHA loan, you can buy with as little 3.5% down. I can also negotiate a closing cost credit from the seller to make your cash outlay as little as possible.

Best regards,

Ivan Sagel
0 votes Thank Flag Link Fri Apr 11, 2014
as stated fha is your best bet with a low down payment, but your options, if a condo will be very limited.
0 votes Thank Flag Link Fri Apr 11, 2014
Jeff and Gemini beat me too it.

$7500 for 1st time home buyers! . . . that means, with the tax pro-ration at closing . . . many properties . . . (at least $200K or less with FHA 3.5% down loan) . . .this will be in the 1% max out of pocket Jeff alluded to.


Also, if you have a good agent, they can negotiate in up to a 3% seller credit towards buyer closing and pre-paid costs and essentially achieve the same thing outside of this program. Can even do better then the 1% and achieve a true no money out of pocket deal

However, with both programs, depending on the lender, you will need to have a certain amount of "actual funds" in the bank for 60 days prior to close. I am not sure what that is in the first case, because it is a special program. . . but in the 2nd case you usually need up to 6% of the cost of the property (estimated down payment and closing costs) . . .even if tax credits and seller credits drive you down to little or nothing out of pocket at the closing table

Check with each lender for their policy

If you are interested in other alternative solutions and creative strategies, call me

Or call Jeff Nobleza (1st comment). He's a really cool realtor, too.
0 votes Thank Flag Link Thu Apr 10, 2014
You will want to look into the Welcome Home Illinois program. This will allow you to purchase with as little as $1000 down. I would be happy to help
Please feel free to reach out at anytime with further questions.
Sam Sharp
Senior VP of Mortgage Lending
Guaranteed Rate
0 votes Thank Flag Link Thu Apr 10, 2014
Hi Jacob,
If you're a veteran you can buy with no down payment.

If not, you're eligible for a down payment assistance program from the Illinois Housing Development Authority, especially the Welcome Home program.
I would be happy to discuss these programs and any questions you have about the home buying process in general. For more info click this link:


I look forward to hearing from you.

Have a good evening,

JP Marzano
NMLS # 574681
0 votes Thank Flag Link Thu Apr 10, 2014
There are ways to do it without much out of pocket. Most brokers don't have the REO experience that I do on the buyer's side.
Web Reference: http://Www.markmalave.com
0 votes Thank Flag Link Thu Apr 10, 2014
Hi Jacob!

I am the #1 originator of this program in the State of Illinois. Please give me a call as we are happy to help! Choose an expert to help you take advantage of all the benefits this program has to offer.

Welcome Home Illinois

- Below Market 30 Year Fixed Rates
- $7,500 forgivable down payment and closing cost assistance
- Minimum borrower contribution of only 1% of the purchase price

While I work with all types of buyers and properties (from starter to luxury homes), I also specialize in helping 1st Time Buyers take full advantage of THE BEST financing programs available in the marketplace. In fact, I was named the #1 Originator of these programs in Illinois by the Illinois Housing Development Authority (IHDA). You can read more at: http://chicagoagentmagazine.com/current-issue/vol-10-2013/wh…


Jason Accola | Senior Mortgage Consultant
NMLS#: 755894 | Wintrust Mortgage
40 W. Hubbard St, 2nd Floor, Chicago, IL 60654
(312) 462-7732 Office | (312) 316-3000 Mobile | (312) 277-3322 eFax

#1 Mortgage Originator of First-Time Buyer Loans in Illinois (IHDA)
Purchase and Refinance in ALL 50 States
View my recommendations from clients and service partners on LinkedIn, Zillow and Trulia.
0 votes Thank Flag Link Thu Apr 10, 2014
Hi Jacob,

There's a great new program available, Welcome Home Illinois. $7500 in down payment assistance. Feel free to call or email me for the details, Sarah.Donnellan@cbexchange.com or 708-595-2774.
0 votes Thank Flag Link Thu Apr 10, 2014
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