Many of the buyers I work with are first-time home buyers. Home affordability is high at the moment. I am working with a young man who wanted to see if he could purchase a home for what he was paying for rent. In this market, the answer of course was yes. For many would-be home-owners, that initial downpayment is a hurdle. I asked one of our lender partners, Sheila Gower of First Mortgage Corporation, to write a guest blog about one of the downpayment assistance programs available to first-time home buyers in Illinois. It should be noted that IHDA defines a first-time homebuyer as, "someone who has not had an ownership interest in a principal residence at any time during the three year period prior to the date the mortgage is executed." A first-time homebuyer does not necessarily have to be a "first-time homebuyer".
If you have been considering buying a home, now is the time to make your move! Housing prices and interest rates have dropped to historic lows, creating new homeownership opportunities for families across Illinois. Furthermore, you may be eligible to buy a home with at little as $1000 using the Smart Move down payment assistance program.
Smart Move is an affordable homeownership program that addresses one of the biggest obstacles for first time buyers, meeting the upfront expenses of down payment and closing costs. Borrowers who qualify for the Illinois Housing Development Authority's (IHDA) 30 year fixed rate Smart Move mortgage will receive 3 % of the purchase price, up to a maximum of $6,000. Buyers are required to invest the greater of 1% or $1000 of their own money, making the amount needed similar to and in some cases less than, the costs involved in renting.
In addition to being a first-time buyer, certain household income and purchase price limits apply and buyers are required to receive homebuyer counseling. My company, First Mortgage Corporation, is an authorized lender offering the program. If you would like to see if you qualify or want to receive additional information, please contact me at 708 647-5244 or email@example.com.
If you are interested in seeing if this is the time for you to take the plunge into homeownership, please contact me. It amazes me every day the choices available for those looking to find an affordable home. I would love to work with you.
Millie C Lumpkin, SFR
Century 21 ProTeam
Phone: (708) 213-6141
"Forget the Doom and Gloom...It's A Great Time to Buy!"