FIRST TIME HOMEBUYERS PROGRAMS

If there ever was a time to buy a house or condo, that time is now.

With our 1% down, no PMI (Private Mortgage Insurance) First Time Homebuyer Program, it’s easy and affordable to get into your dream home! This program is for people buying their very first home and for people who are currently renting but have owned in the past.

With options of a 30-year fixed-rate loan, as well as three- and five-year ARMS (Adjustable Rate Mortgages), there are many ways we can fit you into the loan that suits you best. Currently, 30-year fixed rate mortgages are at 5.7%; a five-year ARM is 4.9% and the three-year ARM is 4.5%. These are great rates to get you started on your dream home. This program saves you thousands of dollars over conventional and FHA loans.

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First Time Homebuyers Programs Expiration of $8,000 Tax Credit for Homebuyers Seller Buydowns are Key in Today’s Market Developer and Builder Incentives

Also available is the $8,000 tax credit from the federal government for first-time homebuyers. The credit is part of the economic stimulus plan and is designed to help consumers get into the housing market who are looking for their first home. Condos, townhomes and single-family houses are all included. This will help when tax time comes around next year. But you must act quickly. The program ends Nov. 30, 2009 and may never be back again. You must close on a property by that date, not just have it under contract.

And that’s not all! Also featured is the Illinois Housing State Tax Credit Advance Loan. This is a short-term loan from the state to help with down payment. The loan must be repaid by June 30, 2010 or interest will be added. Still a great way to get into your dream home, however.

If you’re looking to rehab a home in Cook County, we have a great program for that, too. One of our investors will finance 100% of the rehab. With only 3% down to purchase a house or condo that needs some TLC, they will finance the rest to rehab the property. After the property is rehabbed, the property will be re-appraised and both loans will be rolled into one loan.

FHA is for people who have either great credit or slightly challenged credit. FHA is used for the higher loan-to-value loans, for either purchase or refinancing. They feature good rates with lower PMI than a conventional loan.

Economic and housing market news has been encouraging for the past several months and this is a great time to purchase Chicago real estate with our first time homebuyers programs.

For 24-hour pre-qualifications, give us a call.

The preceding article is provided as a complimentary service to OwnACondo.com for general informational purposes only. It is not intended to provide a comprehensive guide to the subject discussed. The descriptions, terms and definitions contained within are solely the responsibility of the author. Contributors to this regular feature include various Chicago-area mortgage lenders. No legal suggestions or financial guidance are intended, nor should they be implied. Be sure to contact a mortgage lending professional of your choice, as well as an acountant, for more information and/or to discuss details of your specific situation.