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City of Chicago mortgage program

I saw my local alderman at the train station the other day…..he as doing a sort of meet-and-greet and had donuts and coffee for all the riders. He also had a ton of information on the various programs Chicago offers. Did you know that the City of Chicago has a City Mortgage program to help out buyers? It seems like a little-known program….if you are looking to buy soon or are in the financing stage of your search, you should definitely check this out!

 

Here are the basic facts:

 

1. You get a 30-year, fixed interest loan.

 

1. Best of all, you can get 4% up front to cover down payment and closing costs.

 

1. The program applies to almost any residential real estate building: single family homes, condos, 2, 3 or 4 flat units.

 

1. You have to work with participating mortgage lenders.

  

Who qualifies, you ask? Well, it’s available to first-time home buyers OR buyers who haven’t owned a home in the last three years. There are also two set of guidelines you need to take into consideration: income and purchase price.

 Income Limits

1. Household income ($60,320-$105,560)
2. Household size (1-3 person households)

 

So, for example, in order for a 2-person household to qualify for this program, they have to make less than $90,480.

 Purchase Price Limits

1. Size of the property (1-4 units)
2. Type of property (existing or new construction)

 

So for example, there is a purchase price limit of $398,315 for a single unit in a new construction building.

  

Confused? Interested? Want to know more? Shoot us an email or give us a call. We’re happy to answer any questions you have or point you in the right direction.

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