Cook County Illinois is offering an up to $14999 American Dream Down Payment Initiative on top of the $8000 Tax Credit for those that qualify (Low to moderate income and first time home buyers). This is a no interest, no payment, 5 year forgivable loan secured by a junior lien placed on the property after the first mortgage is recorded. Yes that is right you could get $14999 plus $8000 which equals $22999 towards your new home. The $8000 Tax Credit expires at the end of November so don’t procrastinate and take advantage now if you have been sitting on the fence waiting for the right time to buy a home. Interest rates are low, what else are you waiting for? If only this was available when I was buying my first home. I paid 18% Interest for my $69k 2 bedroom Condo in Ballard Point Subdivision in Des Plaines. You are right, I am older 🙂
I will share some of the highlights of the Cook County American Dream Down Payment Initiative but there are too many to list here.
- Expiration – until the exhaustion of funds (last year exhausted in December)
- Eligible Mortgage programs – FHA
- First Time Home Buyers only – yes
- Income Requirements – yes
- Home Buyer Education – yes – http://www.hud.gov/offices/hsg/sfh/hcc/hcs.cfm?weblistaction=search&searchstate=IL
- Co borrowers – yes
- Property Location – Cook County (not all towns)
- Maximum purchase amount – $275200
- Eligible Properties – Owner occupied only, 1 unit, Existing/New Construction
- Assistance amount – 6% of purchase price of home or $10,000 whichever is greater, not to exceed $14999
- Acceptable use of funds – Down-payment, additional down payment or closing costs
- Interest – None
- Term – 5 years (if you stay in the home 5 years you don’t have to pay anything back)
- Payments – None
- Forgiven – Yes, 20% on each anniversary date
- Prepayment Penalty – None
- Shared appreciation – None
- Default – Sale, Transfer, Vacate Property or refinance.
- Timing – at least 30-45 days for approval
Too many other details to list, please contact one of my team members to assist you in finding out if you qualify and the details of this great program.
Posted By: Julie Anne – The Julie Anne Real Estate Team at Keller Williams Success Realty
CDPE Certified for Short Sales and REO