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.
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
Village of Arlington Heights
Second mortgage at 0 percent, forgiven after 5 years
Lake County Affordable Housing Commission
Second mortgage at 0 percent for downpayment and closing costs
DuPage Homeownership Center
Below market interest rate loans allow buyers to purchase 40 percent more house
Joseph Corporation (Aurora & Kane County)
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
Interfaith Housing Center (North Shore)
Counseling and some financial assistance provided
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
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.
Provides up to $6,500 in tax credits for first-time home buyers
May 15, 2001.