Financing in 61111>Question Details

Jane, Other/Just Looking in Illinois

Does Illinois have any first time buyer programs?

Asked by Jane, Illinois Sun Mar 9, 2008

I'm a teacher with a steady income and very little debt. I currently have no problem with my $650 rent and all utilities. Mortage calculators give very me low home prices and a payment of less than what I pay now. I have $15K to use for a down payment, so why do the calculators paint such a dismal prospect of what I can afford?

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Hi Jane,

There are programs out there, but seems you have a great start regardless, money down and no debt. If you like your $650 rent payment you can probably afford a $65,000 to $75,000 house comfortably. So add that to your downpayment and you could go up a bit in price.

Definately talk with a local lender, they are there to help! They can tell you exactly how much they are willing to lend to you, but in turn you can tell them what you are comfortable with paying per month and they can give you those numbers as well. I always figure $100 per $10,000 of home price to kind of gauge where your payment will be...but take into consideration or taxes and interest rate..but it should be close!

There are some great houses out there in that first time buyer range so dont be scared to look into it more!

Any other questions feel free to contact me.
0 votes Thank Flag Link Wed Mar 9, 2011
Jane, as with previous answers, I encourage you to consult with an experienced mortgage professional about your plan to buy your first home. An experienced mortgage professiional will be able to consult with you after reviewing your personal and financial picture and recommend solutions. A typical solution for a first time buyer is FHA mortgage financing. The benefits of FHA mortgage financing include at least 3% down payment, allows for blemished credit history, competitive rate and terms and it is assumable by someone else in the future.

Mortgage calculators, unlike a "live" mortgage professional, do not know other questions to ask you to determine if there are other considerations and compensating factors to help identify solutions to help you.
0 votes Thank Flag Link Sat Mar 7, 2009
You should go to a mortgage loan officer at a local bank and find out exactly what you would qualify for. Most realtors require a pre-approval letter anyway, so they don't have to waste time showing homes to people who can't afford them. Also, Illinois currently has a good incentive program for first time home buyers. You can pick the information up at most banks or real estate offices.
0 votes Thank Flag Link Thu Mar 5, 2009
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