Are there any incentives out there for first time home buyers in the Chicago land area who are looking to purchase a single family home right now?

Asked by B, Thu Jul 12, 2012

I am looking to buy a home and put 20% down- leaving me with only $10,000 left total in cash. I have no other dept. The house does need a little work (being a bank owned property) but I really don't want to pay PMI. So, my plan is to save as I go and remodel one room at a time (when I have to cash to do so). I am a little nervous about putting so much of my savings down, but if I absolutely had to (hopefully never) I do have family that I can borrow money from no problem. I know years ago they had the first-time buyers credit, but I don't know of anything now...??

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4
Suzanne Hami…, Agent, Orland Park, IL
Sun Jul 15, 2012
There are some down payment assistance programs or very very low downpayments if you qualify.
And there are ways to get out of PMI payments.

Feel free to call me and I would be happy to give you information about these programs and give you some ideas of how you can achieve your goals.

Suzanne Hamilton
Managing Broker/Owner
RE Marketing Consultants, Inc.
888-788-9544
suzanne@remarketingconsultants.com
0 votes
Mary Mirenda, Agent, Orland Park, IL
Sat Jul 14, 2012
Down payment assistance programs are available in the state of Illinois for first time home buyers and active military & veterans. They are generally intended for buyers who have lower incomes but good credit scores. Buyers must meet certain income, credit score, and debt to income ratios. Not all lenders can or will offer these assistance programs. The down payment assistance is 3% of the purchase price of the home - up to $6,000....or, in some cases, $6,000 even if over 3%. Military/veterans - $10,000. Depending on your income & credit, you may or may not qualify. I suggest you check first with your current lender. Or, if you need a referral to a lender who does offer these programs, please give me a call. 708/906-8009.
0 votes
Matt Laricy, Agent, Chicago, IL
Thu Jul 12, 2012
No first time buyers program

I would get a good buyer agent to help you out. This way you have someone to walk you through the buying process, at no cost to you. Interview two or three agents and go with the one you mesh best with.
0 votes
Justin & Sar…, Agent, Mokena, IL
Thu Jul 12, 2012
There is a program where you can get renovation funds... it is awesome! I am a Realtor, and my husband & I just purchased a home in Tinley and were able to get the renovation funds as part of the loan so that we were not having to put all of our savings into our new home. Give me a call & I would be happy to discuss it with you! :) Sarah Kane (708-955-4093).
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