Winter, Home Buyer in Evergreen Park, IL

Is there programs out there that help with down payments and closing cost, any grants?

Asked by Winter, Evergreen Park, IL Tue Oct 25, 2011

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6
There are not many out there any more. The Illinois program is compltely out of funds and only applies to certain areas in Illinois, so I have not heard anyone getting any downpayment assistance. There are some neighborhood stability programs offered for certain areas in Cook County. Check out their websites.

As far as downpayment assistance, if your credit score is 620-640 or over, you can get a gift for downpayment from a relative. Also, the seller can give you a consession of all closing costs if you put that in your contract, but rememember, it will reflect in their bottom line, so don't low ball and then ask for closing costs.
1 vote Thank Flag Link Wed Oct 26, 2011
Hello Winter,
It's a great time to purchase and yes there are programs available for st time buyer's to assist with both closing costs, and down payment. Give me a call and I can share in detail with you how they work.

Cecelia Marlow
Chicago Bancorp
312-738-6294 direct
0 votes Thank Flag Link Wed Oct 26, 2011
That's a bummer Suzanne, seems like most states have run out of down payment assistance funds. I would have thought coffers would have been replenished after the new fiscal year.
0 votes Thank Flag Link Wed Oct 26, 2011
Yes the Illinois Housing Development Authority offers up to $6,000 in down payment assistance for low income borrowers, 620 credit score (660 if you wish to use conventional financing) & a contribution of 1 percent or $1,000 of the purchase price, whichever is greater, is required.

http://www.ihda.org/ViewPage.aspx?PageID=7 & http://www.ihda.org/admin/Upload/Files//efbe14e8-05bc-433a-b… both have further details.
0 votes Thank Flag Link Wed Oct 26, 2011
Yes, I am a Realtor in Evergreen Park, and I recently have come upon a program through a local bank that is assisting with down payment and closing cost. Feel free to contac me at 773 979-7107 for further details.
0 votes Thank Flag Link Wed Oct 26, 2011
Yes there usually are programs like that. For example in the county that I work in there is a program that will give assistance to buyers as long as they plan to occupy the home as their primary residence and they don't have to pay the assistance back unless they sell the home. I would talk to a local real estate agent or a local bank and ask them about it.
0 votes Thank Flag Link Tue Oct 25, 2011
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