If you are a Chicago Public Safety Officer which can include being a Chicago Police Officer, firefighter or paramedic, you may be eligible to receive down payment and closing cost assistance from the City of Chicago. You must purchase a home in targeted areas of Chicago to be eligible to receive $3000 in down payment and closing cost assistance. If you purchase a home that is located in a CHA Redevelopment area, then you may be eligible to receive up to $7500 in assistance:)
The deferred loan is available per household and may be used for your down payment, closing costs, title insurance, credit reports, recording fees, appraisals, points, transfer stamps, third party property inspection fees, first year's payment of mortgage insurance, and other customary bank related closing charges. This loan will be fully forgiven in the officer resides in the home for at least five years. Nice!
Program Requirements:
- The applicant must be a non-probationary police officer in good standing with the Chicago Police Department or a non-probationary firefighter or paramedic with the Chicago Fire Department.
- Assistance is only available for properties located within the City of Chicago, Illinois.
- The applicant must be purchasing a single family property (a building with 1 to 4 units) located within a census track in Chicago where a minimum of 50% of the residents have incomes below 80% of the area median income, based on current census data or within a CHA Redevelopment Property.
- The public safety officer must be one of the borrowers on the first mortgage loan and must live in the acquired home as his or her primary residence for at least five years after acquisition.
- Contribute at least 1% of personal funds towards the down payment on the purchase price of the property.
If you have any questions regarding this program or any other first time home buyer program, please email me at Tino.Muratore@gmail.com.
Thank you!
Tino Muratore
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