By If you’ve ever thought about purchasing a home in Chicago, the thought of saving enough money for a downpayment has surely come to mind. Not to mention attorney fees, closing costs, inspections, and everything else affiliated with buying. Let’s face it, between the rising cost of life’s necessities and inflation, saving 10-20% for a downpayment can seem near impossible for some people. 5% can even be out of reach for many otherwise well-qualified purchasers.
What if you could buy a home with just 1% of the purchase price out-of-pocket? Well, the good news is we know it can be done. In fact, I did it myself using an Illinois Housing Development Authority (IHDA) loan, and you can too! These loans offer borrowers in Illinois the opportunity to receive grants that never need to be paid back. It is literally free money!
Here’s what you’ll need to know:
- Qualifying loan applicants can receive anywhere from $6,000 to $10,000 in down payment and closing cost assistance
- Property purchase price and income limitations apply
- A credit score of 640 or higher is required
- Borrowers may be required to own the home as their primary residence anywhere from 5-10 years
- Borrowers must typically pay 1% or $1,000 towards the down payment
- Borrowers can be first time home buyers or repeat buyers
- Loans may allow the purchase of 2-flat properties in some instances
Interested in buying your first or next place with only 1% down? Call The Apartment Source’s Sales Division at 773 404 9900. We’ll set you up with a qualified broker on how you might be able to utilize IHDA’s program. You can also email us at info@apartmentsource.com
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