For first time home buyers, there is a great new program called the Illinois Assist Program. This program is great news for first-time buyers and is a grant that does not have to be paid back, which gives money back at closing towards your down payment and closing costs. If you qualify, you can get up to 5% of the loan amount back, which can be a huge amount.
Qualifications for the Illinois Assist Program
There are some strings attached – it is not available everywhere in Illinois, but is in a number of areas in the Chicago area: including Cook County, Kendall County, and a number of cities such as Naperville, Schaumburg, and Aurora. There are income caps for the buyer, but they are still relatively high so there is room for you to buy, and there is a cap on the price of the home that you can buy.
Still, there are a lot of people that can benefit from this program. To find out the specifics, and determine if you can qualify for the Illinois Assist Program, contact Pete Thompson, your Chicago area mortgage guy, at (630) 481-7188 or at www.PeterThompson.team.