I am asked all the time about grants and other programs for first time City of Chicago home buyers and people who want to learn how to invest in real estate. The rest of the time, I constantly hear first time buyers complain about the lack of programs and/or the confusion involved with getting assistance. I have taken the liberty of putting together this list of grant programs which should be a great starting point for anyone interested. The next step is for you to JUST DO IT, ALREADY!
These programs are 100% FREE and they put MONEY IN YOUR POCKET! Realtors, don’t continue to let your deals fall through due to financing issues. Spread the word about these programs to facilitate your transactions. Buyers, I urge you to find out ASAP if your lender is participating with these programs. If they are not, then find one that does…GOOD LUCK!
LUCHA: offers FREE grant money to first time buyers. It is required that you attend a one day workshop. In addition to grants for closing cost and down payment assistance, LUCHA also offers interest free loans! Visit this website for more info.
NORTHERN TRUST BANK: has several programs in place for first time buyers. There is NO application fee and NO points required. Income limitations may apply. Buyers are eligible for a $3,000 grant towards closing cost on the purchase of their new home. Contact Kimberly Cannon at 773.602.8007 for more info.
TAX SMART: This is a mortgage credit certificate program that provides a federal income tax credit for qualified first time buyers. Under the program, a home buyer would receive an MCC to reduce income taxes by an amount equal to 20% of the interest paid on a mortgage. The tax credit may be claimed each year the home buyer continues to live in a home financed under this program. Visit this link for more info:
CITY OF CHICAGO HOMEBUYER GRANTS: Several grants are available for FIREFIGHTERS, TEACHERS, PARAMEDICS AND OTHER CITY EMPLOYEES. First time buyers in these categories are eligible to receive up to $7,500 in assistance to purchase a home. Read more info here:
NEIGHBORHOOD LENDING PROGRAM: Qualifying applicants seeking to purchase or purchase+rehab a home may receive deferred, forgivable loans for the following: 1) Down payment assistance 2) Closing cost assistance 3) Lead based paint abatement 4) Affordability assistance. Follow this link for more info.
No comments yet.