First Time Buyers - City Mortgage Program...

By
Mortgage and Lending with Wintrust Mortgage

With many lenders tightening guidelines and the pool of possible buyers shrinking, consider utilizing the City Mortgage Program to cover closing costs and/or down payment.  This program is helping many buyers become homeowners today by offering a 4% gift for down payment and/or closing costs, as well as a very low fixed rate mortgage with the option to put $0 down.

What is a City Mortgage Program? The City of Chicago has enforced a program that gives borrowers a huge step up by giving low income as well as middle income Chicago home buyers a 30-year mortgage at a fixed-rate and at bargain interest rates with up-front grants to help pay for the house's down payment and its closing costs, all of these amounting to 4%. Along with this 4% gift from the City of Chicago, there are other benefits to be had from this City Mortgage Program. They have included such perks like a very low fixed-rate mortgage for the 30 year period previously stated and the option of 100% financing.

Chicagoans have to meet pre-required income brackets as well as the purchase price limits for their Chicago home choice to be able to qualify for this program. They do not need to be first-time home owners if they are buying in a "targeted area." These areas are neighborhoods where the city is trying to boost home ownership in or increase the number of people who own their own Chicago homes.

To register for this program or find out more, please go to www.my-first-mortgage.net

Comments (1)

Andrew Clemente
United American Mortgage Corporation - Anaheim Hills, CA
I haven't worked with the City of Chicago Programs in sometime, but I do remember some great programs were offered.  I researched and had The City of Chicagos programs approved with WaMu. Goodluck with the programs!  
Sep 02, 2007 04:48 PM