{"id":3213,"date":"2022-02-24T16:44:10","date_gmt":"2022-02-24T16:44:10","guid":{"rendered":"https:\/\/apartmentsource.com\/blog\/?p=3213"},"modified":"2022-02-24T16:51:05","modified_gmt":"2022-02-24T16:51:05","slug":"how-to-buy-a-home-with-1-down","status":"publish","type":"post","link":"https:\/\/apartmentsource.com\/blog\/how-to-buy-a-home-with-1-down\/","title":{"rendered":"How to Buy a Home with 1% Down"},"content":{"rendered":"<div>If you&#8217;ve ever thought about purchasing a home in\u00a0Chicago, the thought of saving enough money for a downpayment has surely come to\u00a0mind. Not to mention attorney fees, closing costs, inspections, and everything else affiliated with buying. Let&#8217;s face it, between the rising cost of life&#8217;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.<\/div>\n<div><\/div>\n<p>What if you could buy a home with\u00a0<b>just 1% of the purchase price<\/b>\u00a0out-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,\u00a0and you can too! These loans\u00a0offer borrowers in Illinois the opportunity to<b>\u00a0receive grants that never need to be paid back<\/b>. It is literally free money!<\/p>\n<div><\/div>\n<p>Here&#8217;s what you&#8217;ll need to know:<\/p>\n<div>\n<ul>\n<li>Qualifying loan applicants can receive\u00a0anywhere from $6,000 to $10,000 in down payment and closing cost assistance<\/li>\n<li>Property purchase price and income limitations apply<\/li>\n<li>A credit score of 640 or higher is required<\/li>\n<li>Borrowers may be required to own the home as their primary residence anywhere\u00a0from 5-10 years<\/li>\n<li>Borrowers must typically pay 1% or $1,000 towards the down payment<\/li>\n<li>Borrowers can be first time home buyers or repeat buyers<\/li>\n<li>Loans may allow the purchase of 2-flat properties in some instances<\/li>\n<\/ul>\n<div>\n<div>Interested in buying your first or next place with only 1% down? Call The Apartment Source&#8217;s Sales Division at 773 404 9900. We&#8217;ll set you up with a qualified broker on how you might be able to utilize IHDA&#8217;s program. You can also email us at\u00a0<a href=\"mailto:info@apartmentsource.com\" target=\"_blank\" rel=\"noopener\">info@apartmentsource.com<\/a>\u00a0<wbr \/>for more information.<\/div>\n<\/div>\n<ul>\n<li style=\"list-style-type: none;\"><\/li>\n<\/ul>\n<\/div>\n","protected":false},"excerpt":{"rendered":"<p>If you&#8217;ve ever thought about purchasing a home in\u00a0Chicago, the thought of saving enough money for a downpayment has surely come to\u00a0mind. Not to mention attorney fees, closing costs, inspections, and everything else affiliated with buying. Let&#8217;s face it, between the rising cost of life&#8217;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\u00a0just 1% of the purchase price\u00a0out-of-pocket? Well, the good news is we know it can be done. In fact, I did [&hellip;]<\/p>\n","protected":false},"author":10,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":"","_links_to":"","_links_to_target":""},"categories":[188],"tags":[149,146,168,150,153,162,160,159],"class_list":["post-3213","post","type-post","status-publish","format-standard","hentry","category-chicago-housing-market","tag-chicago","tag-chicagorealestate","tag-chicagorealtors","tag-windycity","tag-chicagoapartments","tag-chicagorentalmarket","tag-chicagorentals","tag-investingchicago"],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v24.8.1 - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>How to Buy a Home with 1% Down - The Apartment Source<\/title>\n<meta name=\"description\" content=\"If you&#039;ve ever thought about purchasing a home in\u00a0Chicago, the thought of saving enough money for a downpayment has surely come to\u00a0mind. Not to mention attorney fees, closing costs, inspections, and everything else affiliated with buying.\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/upgrade.apartmentsource.com\/blog\/how-to-buy-a-home-with-1-down\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"How to Buy a Home with 1% Down - The Apartment Source\" \/>\n<meta property=\"og:description\" content=\"If you&#039;ve ever thought about purchasing a home in\u00a0Chicago, the thought of saving enough money for a downpayment has surely come to\u00a0mind. 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