The Road To HomeOwnership Starts Here

Chicago First Home Buyer Assistance

Buying A Home With Zero Down Payment

chicago-first-time-home-buyerBuying a house wiht no money down usually requires you to be a Veteran in the military or you must purchase a home in a rural area or small town. Don't worry because there is hope to achieve the dream of homeownership with the Illinois down payment assistance programs. There are some great low down payment mortgage loans such as FHA and HomeReady which allows you to use down payment assistance and grants for help with the down payment. We have a special community lending group whose sole focus is to assist you in securing funds for down payment and closing costs but you must get pre-approved by filling out the online mortgage application. Rents are skyrocketing throughout the Chicagoland area with average rent for a one bedroom apartment hovering around $1,670 a month. We know paying a hefty rent every month makes it difficult to save money for a down payment but don't let lack of down payment funds stand in the way of you becoming a homeowner. Finally, home prices and interest rates will continue to rise so you must act fast before the home of your dreams slips out of your hands and you become stuck in the rent trap forever.

Get Pre-Approved Now!  Apply Now

Chicago First Time Home Buyer Programs

1st Home Illinois

IHDA 1stHomeIllinois
$7,500 cash grant for down payment and closing costs
Choice of 30 year fixed rate FHA, VA, USDA, or Conventional loan type
Purchase a one or two unit property in Boone, Cook, DeKalb, Fulton, Kane, Marion, McHenry, St. Clair, Will or Winnebago counties
Buyer must contribute $1,000 or 1 percent of the purchase price, whichever is greater
Must meet income and purchase price limits

 
Bridgeview Bank Down Payment Assistance

Bridgeview Bank Down Payment Assistance
$6,000 assistance for down payment and closing costs
Choice of 30 year fixed rate FHA or Conventional loan type
Purchase a one or two unit property anywhere in Illinois
Income restrictions do apply
You must check for availability of funds

 
HELP Community Lending Program

HELP Community Lending Program
Up to 5% of the loan amount for closings and/or down payment assistance with maximum amount not to exceed $20,400
Choice of 30 year fixed rate Conventional loan type only
Home must be located in approved area within Illinois counties of Cook, DeKalb, Kane, Lake, and McHenry
No income restrictions

 

Dupage County HomeStead Program

Dupage Homestead Program
Up to $14,999 funds for assistance
Choice of 30 year fixed rate Conventional,FHA, or IHDA loan type only
Property must be located in DuPage county, except Aurora and Bolingbrook.
Single family homes and approved condos and townhouses are eligible
Maximum purchase price $254,000
Maximum income restriction is $79,432
Buyer must contribute $1,000 or 1 percent of the purchase price, whichever is greater

 
PenFed Dream Makers Grant

Dream Makers Grant
Up to $5,000 funds for down payment and closing costs assistance.The amount of the grant is determined by a 2-to-1 match of the borrower's contribution to their mortgage.
Active Duty, Reserve, National Guard or veteran military personnel eligible
Income restrictions apply
Minimum buyer contribution is $500

 
USDA Rural Development Loan

USDA 100% Financing Program
Zero down payment
640 minimum credit score
Property must be located in targeted area. Check property eligibility.
Email Dream@Firsthomebuyers.net with property address if you want us to check if the home is eligible.
Income restrictions apply. Check income eligibility.  
Seller can pay 6% of purchase price toward closing costs

 
FHA Loan Program

FHA Program
Low down payment
620 minimum credit score
Check single family, condo, and 2-4 unit property loan limits
FHA approved condos eligible
Kiddie condo option: Parents or family member can co-sign on loan
Lower down payment than standard FHA program is available in Alabama, Florida, Georgia, Illinois, Indiana, Kentucky, Mississippi, North Carolina, South Carolina, Tennessee if you purchase FHA Foreclosure
Down payment can be 100% gift or down payment assistance or grant funds
Seller can pay 6% of purchase price toward closing costs

HomeReady Program

HomeReady Program
Fannie Mae Conventional Program
Low down payment and more flexible sources of funds
620 minimum credit score
Loan designed for low to moderate income borrowers
Lower mortgage insurance options

good-neighbor

Good Neighbor Next Door
Get home at 50% discount on home in target areas. Search homes now.
Must be law enforcement, police officer, teacher, firefighter, or emergency medical technician to be be eligible for this program
Low Down Payment Option available in HUD Participating Communities.

teacher first time home buyer

Home Possible Neighborhood Solution Program
You may be eligible for this program is you are a Teacher, Law Enforcement Officer, Firefighter, Healthcare Worker, Nurse, Emergency Medical Technician (EMT), or Military Personnel
620 Credit Score
Reduced mortgage insurance which means lower monthly mortgage payment
Flexible Qualification Guidelines

va-first-time-home-buyer

VA Loan
0 down payment Great fixed rate loan program with 0 Down Payment for veterans or active military personnel in Army, Navy, Marine Corps, Air Force, Coast Guard, and National Guard. Reservists eligible with 6 years service.
620 minimum credit score
No maximum loan limit
Single family home-VA Approved Condos-townhome

Patriot's Charity Initiative

Patriot's Charity Initiative
We created the Patriots Charity Initiative to thank our Veterans and active duty service members for defending the freedoms we enjoy every day. BBMC Mortgage makes a $150 donation for each loan that we close.
Learn more how we support our Veterans here

 
no-pmi

PMI Buster
Low down payment
NO PMI or mortgage insurance
720 minimum credit score


Rent Versus Own
Rents are moving up and you need to stop paying your landlord. When you own a home you build up wealth, get tax breaks, and experience the pride of homeownership. Try rent vs own calculator now and find out why owning a home is better than renting.

10 Steps To Buying A Home
Don't know where to start the process? View video on how to buy your first home.Today it is tougher to buy a house and you need a roadmap to navigate the home buying maze. You can't miss a step or it could spell disaster and wreck your chances of owning a home.


Search for homes in your area.
Start working with a Realtor and get the lastest property listings emailed to your email inbox. The inventory of homes on the market are down so it is important that you take action and set up an appointment to see the home you like as soon as possible. In most cases, you should use a Realtor to increase your chances of getting your offer accepted on the home you have your heart set on.

BridgeQual Pre-Approval Program

BridgeQual Pre-Approval Program
Don't make the mistake of searching for a home without a real pre-approval letter in your hand. Most lenders provide a generic pre-approval letter for a maximum loan amount without consideration for specific factors such as property taxes for a given property. For example, you may get pre-approved for $250,000 based on a property tax "ESTIMATE" used by the lender and you may not qualify for a $250,000 home with taxes which are higher than the estimate. The BridgeQual Pre-Approval Program uses the information on each specific home you are looking at to determine if are qualified to purchase that home. Don't get your heart broken after you fall in love with the home of your dreams and get a "TRUE" pre-approval letter. Start the BridgeQual process today by completing the online application and providing the necessary documentation so you can shop for your first home with confidence.


Equal Housing Lender

FirstHomeBuyers.net

(847) 516-5743
dream@firsthomebuyers.net

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