Chicago First Time Buyers Down Payment Assistance for 2-4 flats

by The Real Estate Buyers

Household grants from $10,000 to $40,000 Available from City for First-time purchasers of  owner-occupied Two-Four Unit Buildings. The City of Chicago has an unusual amount of two and four-unit owner-occupied buildings in the many interesting, livable neighborhoods that offer parks, recreation, ethnic restaurants, and a sense of local community.  Owning a two to four-unit building provides additional income, and allows for future extended family living.

There are many options in the new grant programs. Home purchase assistance is available, reducing down payment and closing costs for first-time buyers who are purchasing single family houses in Chicago. These programs are city-wide, and include first-time buyers who are purchasing two to four-unit owner-occupied buildings.

Household grants range from $10,000 to $40,000 for first-time buyers.  Whether it is a two to four-unit owner occupied building, or a town house that suits your need or a historic bungalow, there are many different homes for sale and with historically low interest rates now is a great time to buy. The basic down payment assistance program guidelines are simple. Funds are available only for properties purchased in the City of Chicago. Funds are not to exceed 25% of the sales price of a home.
If you are a first time buyer who is considering purchasing an owner-occupied two-four unit building or other residential properties in the City of Chicago you simply need to contact us to find if the neighborhood you are considering and you are income eligible. The amount of down payment assistance varies depending on household gross income.

Buyers must still have a minimum of three percent of their own funds toward the down payment.  The City of Chicago will execute a junior mortgage which will take a second lien position to the first mortgage and home buyers must occupy the property during the specified term of the junior mortgage agreement.

The system has every property in the City of Chicago that is available for sale to assist home buyers in their search.  Finding out if you qualify for the funds and to get pre-approved is a very simple process.  Simply fill out the form below or contact one of Ideal Location Chicago Real Estate, LLC buyer brokerage Representatives at 312.433.9300 x 12. Certain restrictions do apply but by contacting the Ideal Location team you will have a representative coordinate all aspects of your purchase including loan pre-approvals, contracts, property research and down payment assistance funding with the City of Chicago. Funds are limited so take advantage of this program today.

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