Down Payment And Closing Cost Financial Assistance

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Summary: When you're a first time home buyer you can potentially find money for a down payment or closing costs through a community group that helps promote home ownership. When you're a first time home buyer you should look at what local consumer groups offer to help with down payments or closing costs. Some groups offer second mortgages instead of direct down payment or closing cost assistance.

WGN-TV Show Notes -- May 15, 2001

ANCHOR: If you're looking to buy your first home, you could probably use some help financially.

ANCHOR: Money and real estate expert Ilyce Glink is here with some suggestions on where to find some free money and advice.

Good morning

ILYCE: If you're having trouble scraping together that down payment, or are worried that even with today's low mortgage interest rates that you won't be able to afford to buy something, you may be able to tap into financial assistance and home buyer education classes that's almost as close as your backyard. We've talked to county housing agencies and nonprofit organizations in the metro area that are set up to provide you with different kids of assistance. Take a look:

City of Chicago Down payment assistance of up to 4 percent Low mortgage (312) 747-9000 www.cityofchicago.org/housing

Village of Arlington Heights Second mortgage at 0 percent, forgiven after 5 years (847) 368-5214 www.VAH.com

Lake County Affordable Housing Commission Second mortgage at 0 percent for downpayment and closing costs (847) 263-7478

DuPage Homeownership Center Below market interest rate loans allow buyers to purchase 40 percent more house (630) 260-2500 www.dupagehomeownershipcenter.org

Joseph Corporation (Aurora & Kane County) (630) 906-9400 Home buyer education Matches home buyers with financial institutions that provide assistance

Corporation for Affordable Homes of McHenry County Second mortgage at 0 percent for up to $5,000 If you stay in your house for 5 years, loan is forgiven (815) 309-3561

Interfaith Housing Center (North Shore) Counseling and some financial assistance provided (847) 501-3278

Housing Continuum, Inc. (Kane and DeKalb Counties) Down payment and closing cost assistance up to $8,500 Home improvement assistance up to $15,000 Home Energy Assistance (630) 232-7600

ILYCE: And there may be even more help for first-time buyers. Last week, House Bill 1773 was introduced. The bill provides for up to $6,500 in tax credits (which is a dollar for dollar deduction on your income taxes) for first-time buyers for one year only as an economic stimulus package. It's not law yet, but if you're going to buy a home after June 1, 2001, call your congressman or senator and push them to vote for it.

HB 1773 Provides up to $6,500 in tax credits for first-time home buyers

May 15, 2001.

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Related Topics

• closing costs, 
• down payment, 
• first time home buyer, 
• home buying, 
• mortgage, 
• mortgage loan, 
• taxes

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