|
|
Chicago First
Time Homebuyer Loans
Home Start Program
This program provides up to $6,000 down payment assistance to Illinois
first time home buyers in anticipation of $8,000 Federal Tax Credit. The
Tax Credit Advance Loan will be secured by a 30 year fixed second
mortgage on the home. This loan must be paid back by June 2010 or it
becomes a 10 year fixed loan.
FHA Loan
3.5% down payment
620 minimum credit score
Buyer must contribute 1% of purchase price or $1,000
(whichever is greater)
Seller can pay up to 6% of purchase price in closing costs
Income and Purchase Price Limits
|
Counties |
Maximum Income-
Household of 1 or 2 |
Maximum Income-
Household 3+ |
Purchase
Price |
Cook, Du Page, Kane,
Lake,McHenry, Will |
$74,900 |
$86,135 |
$349,020 |
|
DeKalb
|
$74,200 |
$85,330 |
$349,020 |
|
Grundy
|
$76,300 |
$87,745 |
$349,020 |
|
Kendall
|
$86,500 |
$99,475 |
$349,020 |
|
McLean
|
$75,500 |
$86,825 |
$258,690 |
|
Bond, St. Clair, Clinton, Jersey, Madison, Monroe
|
$69,400 |
$79,810 |
$258,690 |
| Boone, Winnebago |
$69,400 |
$79,810 |
$323,780 |
| All Other Counties |
$69,400 |
$79,810 |
$258,690 |
|
Cook County American
Dream Down Payment Initiative Program (ADDI)
Interest-free five-year forgivable loan, secured by a second silent
lien, given to income-qualified first-time homebuyers to meet down
payment and closing costs for the purchase of a house in participating
suburban areas of Cook County, Illinois.WHAT ARE
THE LOAN FEATURES?
1. Loan amount of 6% of the purchase price or
$10,000 (whichever is greater), not to exceed $14,999.00.
2. Zero percent interest. No monthly payments. No fees.
3. Property must be an owner-occupied, single-family residence
(single-family house, condominium or townhouse).
4. The house must be the homeowner's primary residence for five years.
After five years, the ADDI loan is forgiven.
5. Loan is due on sale or if owner moves out before the five year period
expires.
6. The maximum appraised value of an ADDI-assisted property cannot
exceed $275,200.
7. The home buyer CANNOT receive any cash back.
8. ADDI loan can only be used with a 15-year or 30-year fixed rate
mortgage
The applicants income must be 80% or less of the
median income for the area, adjusted for family size:
80% Income Limits (effective March 2009) Number
of Household Members -- Total Annual Household Income Limit
1 $ 42,200
2 $ 48,250
3 $ 55,250
4 $ 60,300
5 $ 65,100
6 $ 69,950
7 $ 74,750
8 $ 79,600
WHERE CAN YOU PURCHASE A HOME?
The program is only available in the following
Cook County communities and all unincorporated areas:
North:
Deerfield*, Glencoe, Glenview, Golf, Kenilworth, Lincolnwood, Morton
Grove, Niles, Northbrook, Northfield, Park Ridge, Rosemont, Wilmette,
Winnetka
Northwest:
Barrington, Barrington Hills*, Bartlett*, Buffalo Grove*, Elk Grove*,
Hanover Park*, Inverness, Prospect Heights, Rolling Meadows, Roselle,
South Barrington, Streamwood, Wheeling*
West:
Bedford Park, Bellwood, Bensenville*, Berkeley, Berwyn, Bridgeview,
Broadview, Brookfield, Burbank, Burr Ridge*, Cicero, Elmwood Park,
Forest Park, Forest View, Franklin Park, Harwood Heights, Hillside,
Hinsdale*, Hodgkins, Indian Head Park, Justice, LaGrange, LaGrange Park,
Lyons, Maywood, McCook, Melrose Park, Norridge, North Riverside,
Northlake, River Grove, Riverside, River Forest, Schiller Park,
Stickney, Stone Park, Summit, Westchester, Western Springs, Willow
Springs
Southwest:
Alsip, Chicago Ridge, Countryside, Evergreen Park, Hickory Hills,
Hometown, Lemont*, Merrionette Park, Orland Hills, Orland Park, Palos
Heights, Palos Hills, Palos Park, Worth
South:
Blue Island, Burnham, Calumet City, Calumet Park, Chicago Heights,
Country Club Hills, Crestwood, Dixmoor, Dolton, East Hazel Crest,
Flossmoor, Ford Heights, Glenwood, Harvey, Hazel Crest, Homewood,
Lansing, Lynwood, Markham, Matteson*, Midlothian, Oak Forest, Olympia
Fields, Park Forest*, Phoenix, Posen, Richton Park, Riverdale, Robbins,
Sauk Village, South Chicago Heights, South Holland, Steger*, Thornton
* Cook County portion only. |
|
Doctor Loan
5% Down Payment
NO Mortgage Insurance
700 minimum credit score
Must be existing or newly licensed Doctor (MD, DMD, DDS, OD or DPM) who
are actively practicing or medical residents currently in residency or
begin their residency within 60 days of closing.
Up to 1 million dollar loan amount
1 Year Arm based on Prime Rate + .50 point-Currently 3.75%
Non-Warrantable condos eligible |
My Community
Conventional Loan
3% Down Payment
680 minimum credit score
If you are a Teacher, Nurse or Health Care Worker, Pharmacist,
Fireman, Police Officer, Paramedic, or Military Personnel receives $500 credit
toward closing costs.
Income from side job which can't be verified is allowed
Part-time job income is averaged over last 12 months
Visit
http://www.efanniemae.com/sf/refmaterials/loanlimits/index.jsp
to check maximum loan limits.
Income restrictions apply unless property is located in Targeted Area-Call
Gerald Tribuzio at 847/516-5743 to verify maximum income
requirements and geographic restrictions.
30 year fixed
Buy down rate to 3.75% (APR 3.91%)
Seller can contribute 6% of purchase price toward closing costs
Single Family, 2-unit, condo, or townhome |
Tax Smart Mortgage Credit Certificate
Program
TaxSmart program provides a 20% tax credit on mortgage interest paid
every year to homebuyers in the City of Chicago.
There are maximum income and purchase price limits.
Single and 2-4 unit properties are eligible.
|
Income Limits |
Non-Target Area |
Target Area |
| 1 Person Household |
$60,320 |
$72,384 |
| 2 Person Household |
$75,400 |
$90,480 |
| 3 Person Household |
$86,710 |
$105,560 |
|
Purchase Price Limits |
Non-Target Area |
Target Area |
| 1 Unit |
$325,894 |
$398,315 |
| 2 Unit |
$367,060 |
$448,629 |
| 3 Unit |
$445,960 |
$545,063 |
| 4 Unit |
$514,570 |
$628,919 |
|
CITY OF
CHICAGO TEACHER HOMEBUYER PROGRAM
This is a Teacher Program that assists
first time home buying for Chicago Public School teachers to purchase
homes in the city. Assistance helps cover a portion of the costs
associated with purchasing a home.
Must be Chicago Public School teacher for 1 year and committed to teach
an additional five (5) years at Chicago Public School.
Must live in home for 5 years
An interest free loan forgiven at the end of the 5th
year.
Up to$3,000 to purchase/live anywhere in the City of Chicago
Up to $7,500 to purchase/live in a new Chicago Housing Authority mixed
income development
FHA loan
620 minimum credit score
3.50% down payment
Single family, Approved Condos and Townhomes
30 year fixed rate
Rate buydowns available as low as 3.25% (APR 3.41%)
Seller can pay 6% of purchase in closing costs |
Public Safety
Officer Homeownership Incentive Program
A Chicago Firefighter, Police Officer or Cop, or Paramedic referred to
as Public Safety Officer may be eligible to receive a $3,000 loan toward
down payment or closing costs. If the purchase is located in a CHA
Redevelopment Property then $7,500 may be available. The loan is
forgiven if you live in home for 5 years. The applicant must be a police
officer with the Chicago Police Department or Firefighter or Paramedic
with Chicago Fire Dept. You must purchase a 1-4 unit home in Chicago
where minimum of 50% of the residents have incomes below 80% of the area
median income. |
Fannie Mae HomePath 30 Year Fixed
Purchase Fannie Mae Foreclosure-visit
www.homepath.com for eligible properties in your area
5% Down Payment
No PMI or mortgage insurance
660 score |
USDA Rural 30 Year Fixed Program
Zero down payment
NO PMI
There are income restrictions.
Check income eligibility
Property must be located in eligible area.
Check property eligibility
Quick List of ineligible counties: Adams, Boone,
Champaign, Cook, Dekalb, Dupage, Grundy, Kane, Kankakee, Kendall, Knox,
Lake, McHenry, McClean, Macon, Madison, Peoria, Rock Island, St. Clair,
Sangamon, Tazewell, Vermilion, Will, and Winnebago. |
Back to Top
|
