In My Neighborhood in 60517>Question Details

Christa, Home Buyer in Naperville, IL

We are first time home buyers with about $5,000 as of right now to put towards a down payment. Our income together is about $80,000. Are there any?

Asked by Christa, Naperville, IL Sat Nov 6, 2010

grants for first time home buyers?

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Cecelia Marlow’s answer
Hello Christa,
First let me say congratulations on your desire to purchase your first home. Purchasing a home is usually the biggest investment most individuals will make in their lives and it is a noble one. Let me also say that you are very smart in choosing to purchase at this time. They way I like to put it, both Real Estate and Interest rates are on clearance. As the Real Estate Agents have mentioned below, you are well on your way in regards to income and down payment and in this market you and the co-borrower will need to both have a minimum credit score of 620 to qualify for a mortgage in addition to the other things mentioned. I've been in the business almost 10 years and would love to speak to you more if you would like to take your next steps in terms of getting pre-approved to find out how much you would qualify for based on your situation. Good luck on this grand decision that you've made!
Cecelia Marlow - Mortgage Banker (Chicago Bancorp)
0 votes Thank Flag Link Sat Nov 6, 2010
One of my first time home buyers recently qualified for the "Illinois Welcome Home Program" and will be receiving $7,500 cash assistance towards the purchase of their home. A couple of the requirements have to be a first time home buyer or have not owned a home in three years and your income has to be below $96,000 per year. I have a couple excellent lenders I work with who can quickly determine how you can qualify for this program or others (at no cost to you). I am here to assist you. Contact me for more information (630- 624-9615).
1 vote Thank Flag Link Sun May 25, 2014

Check out Smart Moves Program. I'd call Prospect Mortgage in Naperville and speak with Juan Loya. You can get into a home for 1K down. You'd be surprised up to how much home you can get...the Smart Move Program also offers up to 18K or 20K (total) in mortgage interest for up to 2K/year. This gives you more purchasing power.
1 vote Thank Flag Link Tue May 28, 2013
With $5000 down you will need an FHA loan and a little help from the seller with closing costs.
A mortgage calculator will help you with calculating your monthly payment.
Call me any time for further assistance. Tina Marie Mateja
Web Reference:
1 vote Thank Flag Link Sat Nov 6, 2010
Agree with Tina Marie Mateja, you could benefit from Seller closing cost credit along with any DPA, Down Payment Assistance.

Given your earned income AND assuming no debt expenses, you should qualify for a loan to finance your home purchase.

You just need to speak with a local Mortgage Professional to help you determine how much home you can comfortably purchase as a FTHB, First Time Home Buyer.

Call if questions.
Flag Mon Feb 23, 2015
You are already ahead of the game, there are several options for yo at this point.

Riccardo Wardlow
Sales Manager
NMLS 219402
Cross Country Mortgage
323 546 8066

Specializing in Illinois and California

*We do Conventional loans down to a 620 score
*We do FHA loans down to a 580 score
*We do USDA loans down to a 620 score (no money down)
*We do $100 down payment FHA program
*Unlimited Loan To Value refinances on Fannie/Freddie refinances (only on loans originated before May 31st 2009
*We do VA loans down to a 600 score
*We give free counseling on what needs to be done to improve your credit score.
*We do 203k loans down to a 640 score
*We do reverse mortgages
*We do JUMBO loans to 12 million
*Investment properties
*Closing loans in 3 - 3.5 weeks
0 votes Thank Flag Link Tue Jan 13, 2015
The "Welcome Home Illinois" program has expired. There is another program available that provides 3% or up to $6,000 of assistance. Get in contact with a reputable loan officer to find out if you qualify.
0 votes Thank Flag Link Tue Jan 13, 2015
Christa. There are some programs out there for you right now. I am currently helping other people in your exact situation so I think I can be a very valuable resource for you. I know Freddie Mac has a program that is giving back 3.5% of your closing cost. Give me a call and I would be happy to help you.
0 votes Thank Flag Link Sat Mar 29, 2014
The other answers are correct. You are going to need FHA financing with that down payment, and assistance from the sellers to pay closing costs. Your down payment, assuming you use all of it, would qualify for a purchase price of about $142,000. The lender may reduce this number if you have a lot of debt, such as cars and credit cards.

Just about every mortgage company can do FHA financing. However, there are qualifications, such as a minimum credit score, income, time on the job, etc. Your next step should be talking to a mortgage company so that they can determine if you can qualify for a mortgage, and what price you need to stay below.

Mike Hagen
Evergreen Real Estate
0 votes Thank Flag Link Sat Nov 6, 2010
There are no grants that I am aware of at the moment, (the first-time buyers program from the government ended a few months ago)but you can purchase a home with an FHA loan with 3.5% down. Your first step should be to talk to a loan officer--I always like to suggest contacting a local bank, like a local PNC or Lisle Savings Bank--Lisle Bank only lends in a 10 mile radius of Lisle, but they are usually very competitive. The loan officer can tell you how much you can borrow based on your income and debt and credit score. Then you can find out how much more you would need for a down payment.

If you have any further questions, please don't hesitate to contact me.

Sandy Hanley
Charles Rutenberg Realty
Web Reference:
0 votes Thank Flag Link Sat Nov 6, 2010
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