Friday, January 28, 2011

Home Buying Tips: New first time buyer mortgage program!

Senior Loan Officer Steve Dunnett keeps our clients (and us) posted on the best mortgage programs available. He is an expert in FHA loans and new Illinois programs as described below. Steve can be reached direct at 1-708-289-3408 or email me for his complete contact information.

Good news! I have a new first time home buyer program available to residents of Illinois. First time buyers drive the real estate market so I think it is a great sign that programs like this are becoming available again.

This particular program is designed for first time buyers, but in certain “targeted” areas of the state you do not have to be a first time buyer to be eligible. There are income restrictions, but eligible borrowers can put 3% down on a single family or condo and get a rate approximately .5% better than the market rates. Closing costs can be financed into your loan if necessary, and mortgage insurance is discounted to a much lower level. There are many intricacies so if you want to see if you qualify please call me to get the approval process started.

Some other programs we have available are listed below:

  1. Chicago Public Schools first time buyer credit of $3000
  2. Chicago Police Department first time buyer credit of $3,000
  3. Chicago Fire Department first time buyer credit of $3,000
  4. Mortgage Credit Certificate

More home buying related tips here!

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