Great options for Chicago First Time Home Buyers
First time home buyer programs, both FHA and conventional, have become more attractive in the past few months as real estate conditions in the Chicago area have improved. Beyond just the standard program options, there is a very underutilized set of programs from the Illinois Housing Development Authority (IHDA) that should be considered by some first time home buyers.
The Illinois Home Start program is a great example of these options available to first time home buyers. This loan is a 30 Year Fixed at 4.75%. There is a down payment assistance option that trades a slightly higher rate for up to $6,000 in assistance. Using an FHA vs Conventional calculator and also comparing some of the state-sponsored programs can be a winning combination.
If you meet the Home Start requirements–notably the 640 FICO, income restrictions, and price restrictions, it can be a great program. The rate is fixed at a very low rate and, if the down payment assistance is critical, this is one of the few programs where you’ll still be able to get in with less than 3.5% down. The conventional loans tend to be the best option for people with over a 740 FICO and at least 5% down payment (10% on condos). The FHA loans tend to be very good when the FICO scores get lower or when the down payment needs to be slightly smaller.
It shouldn’t take more than a few extra moments to have your loan officer compare these options side by side for you. The difference can be thousands of dollars in just the first few years. In spite of all the negative news about the availability of loan programs, they’re actually better than what you would think.
Related posts:
- Who Needs A Home Equity Line Of Credit When we heard about a Home Equity Line of Credit,...
- Arrears affect the majority of British individuals. Seek Guidance Soon. At least a few companies are staying up to date. Need some extra funds yet not sure what options are open to you? There isnt need to agonize without complaint: deficits hit us...
- 4 important tips to benefit from aerobic exercises – Find Out How To Keep your Body Healthy And Get In Shape Faster, Easier, And With Better Results With P90X A Great Home Workout Routine Aerobic exercise has fast caught up with people around the...
- How can airlines not be completely ready for all circumstances? And Require some extra funds but not clear on what options are applicable to you? It is basically still amazing that in current times that...
- Which Nashville Mortgage Broker Should You Choose? You are in the market for a home and want...
