Chicago First Time Home Buyer
Chicago is the metropolitan city of the Midwest. If you have ever visited Chicago by way of O’Hare Airport, I think you would agree that Chicago boast on of the most spectacular skylines in the US.
If you are a lover of architecture, like myself, Chicago is definitely a great place for you to call home. With real estate prices being absolutely insane in cities like New York, Miami and San Francisco, being a Chicago first time home buyer will get you a bigger place with the same luxuries but for a cheaper price.
Home prices are starting to rise in Chicago, so I suggest you get in where you can fit in. Now is a great time become a Chicago first time home buyer.
Chicago First Time Home Buyer Assistance Program
If you are looking to be a home buyer in Chicago, there are plenty of home buyer assistance program that the city offers as well the state of Illinois.
A lot of times, if you have a good lender, they will make sure you are signed up with every program that you are eligible for.
Being in real estate, I work with nothing but the best lenders so contact me if you are interested or shopping around.
Here is a list of some programs that the state is offering:
Welcome Home Illinois: This program began in April 2014 through the Illinois Housing Development Authority as an assistance program for first-time Illinois home buyers (or people who haven’t owned a home in the last three yeas) to come up with a down payment for their new homes, up to $7,500.
Smart Move: Similarly to the Welcome Home Illinois program, first-time home buyers can get up to $6,000 to help with the down payment on a home.
State Mortgage Revenue Bond Loan: Every state offers bond loans in order to buy a house for the first time (or for the first time in three years), but many requirements vary by state and county. These are generally for prospective homebuyers who make less than the area median income, according to First Home Advisor.
These are just a couple of programs to help you get started. Make sure to do your research, as programs tend to change. There was a home buyer assistance program through Chicago Public School that I thought I was eligible because I was an employee.
By the time I was ready to purchase my condo, the program didn’t have any funds available. That means I had to find funds from somewhere else that I was depending on through Chicago Public Schools.
Knowing which programs you qualify and how much you can receive is pivotal when you are looking for a home. That’s why you should leave that up to the experts, the lenders.
First Time Home Buyer Resources
One of the most important keys when buying a home is to make sure that you do your due diligence when it comes to research.
You want to make sure you know as much as you can so that people will not take advantage of you.
I have listed a couple of first time home buyer resources to get you started on the right path:
LinkedIn: In this day and age, most business people should have some type of social media outlet that they participate in. Here, you can get a good sense of what type of services they perform. You can look at any reviews or endorsements to show how reputable they are. I prefer LinkedIn because this is strictly a business website. Most people on LinkedIn aren’t interested in anything but promoting their business.
Mortgage Calculator: This can be very critical for you when trying to decide how much “house” you can afford. Ultimately it comes down to how much you get pre-approved for but this tool can help you figure out the monthly mortgage so that you can plan accordingly.
Mortgage Lender websites: Searching different lender websites allows you to shop around for pre-approval and interest rates. It is really no different than shopping for a car. Whoever you feel most comfortable with and can offer you a great deal. My preference is to go with a local, neighborhood bank versus some of the bigger players in the game. Local banks tend to be more personal, provide better rates and be more willing to work with you if you come on some hardships. Being a Chicago fist time home buyer, I chose a local community bank who happens to be ranked #1 for first time home buyers.
Home Buyer Questions Contact Me
Purchasing a home can be a very overwhelming and intimidating experience. If you are like me, no matter how much research you do, you still have tons of questions.
I would try to find reputable sources to help with the process.
If you are ready to start the search process, you can contact me and my team will make sure you have the resources you need and to answer any questions that you might have.