If you are considering making Skokie, Illinois your primary principle residence and you are a first time homebuyer then let me tell you about a program that you may be eligible for.
The Village of Skokie, Illinois in conjunction with Illinois Housing Development Authority (IHDA) has rolled out a program designed to benefit low and moderate income first time homebuyers. The program offers three alternatives to help you obtain your first home.
- Home Equity Loan Program (HELP) provides a qualified homebuyer with a grant of 4.25% of the purchase price. Specifically, 3% of the home's purchase price can be applied to reduce the amount of the down payment to be provided by the buyer, and 1.25% can be used to reduce the mortgage loan origination fees.
- A 30 year fixed rate financing at below market interest rates.
- Provides a dollar for dollar tax credit on the buyer's income tax return of 25% of the annual interest paid on the life of the mortgage. This results in greater mortgage capacity since the homebuyer effectively has more income after the tax credit to put toward the purchase price.
All these programs have strict restrictions as to income and maximum purchase prices. If you are looking for a specific county or state program, please don't hesitate to ask. I will do my best to assist you.
Please email me at Tino.Muratore@gmail.com with any of your first time homebuyer questions:)
Thank you,
Tino Muratore
;)
;)
