Home Buying in Cicero>Question Details

Arturo, Home Buyer in Berwyn, IL

The Town of Cicero has a neighborhood stabilization program. The brochure states that the town will provide a 20% down-payment. Is this a scam?

Asked by Arturo, Berwyn, IL Tue Jul 23, 2013

The town of Cicero has a neighborhood stabilization program. The brochure states that a 20% loan; to be used for down-payment, will be given to the buyer. The property has to be a foreclosed Cicero property. This loan dose not have to be paid off as in "forgiven" as long as you reside in the property with no refinancing and it meets code for the next 10 years. Mr. Larry Dominick (town president) can be a colorful individual (love the guy) but is this a legitimate deal?Can a town really give away 20% of anything.....
Brochure:
http://www.thetownofcicero.com/database/cmsWysiwyg/215769-ns…

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Answers

4
Hilda pls we want buy a house with this program is still available ?
0 votes Thank Flag Link Mon Aug 5, 2013
Hilda Rosas/Real Estate Managing Broker

Hello Arturo,
The Neighborhood Stabilization Program In Cicero still available.
Most of your information is correct, but the property has to be owner occupied for 20 years to be totally forgiven. The program has some conditions, and at the present they only have two properties. Call me if you are interested, or have other questions. Thank you.


Hilda Rosas/Real Estate Managing Broker
773-485-5480
Chicago, IL
0 votes Thank Flag Link Fri Jul 26, 2013
Hilda Rosas/Real Estate Managing Broker

Hello Arturo,
The Neighborhood Stabilization Program In Cicero still available.
Most of your information is correct, but the property has to be owner occupied for 20 years to be totally forgiven. The program has some conditions, and at the present they only have two properties. Call me if you are interested, or have other questions. Thank you.


Hilda Rosas/Real Estate Managing Broker
773-485-5480
Chicago, IL
0 votes Thank Flag Link Fri Jul 26, 2013
As a matter of fact, there are several towns in Illinois that offer buying incentives like this and in most cases you don't have to pay it back if you stay in the home for a certain amount of years.


Riccardo Wardlow
Owner
Quality Mortgage Lending
630-670-8266

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0 votes Thank Flag Link Tue Jul 23, 2013
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