Buying your first home might seem like Mission Impossible when you’re struggling with the down payment or daunted by home prices. Fortunately, there are a number of home buyer assistance programs available to help you! Our website includes an organized list of home buying programs that are worth exploring. While the details of each program will vary, these generally involve grants and loans that help with down payments, home repairs and other home purchase costs.

Too often, first-time home buyers mistakenly assume that they will not qualify for any assistance, so they don’t bother to apply. Or, they assume the qualification process involves too much work. But why pass up free money? Frankly, the main challenge with some of these programs is that they can run out of funding relatively early in the year. If you are planning to buy a home within this year or the next, now’s the time to dig for dollars!

In addition to state, county and city home buying programs, there are national programs for various situations. Here’s a few examples from last Sunday’s Chicago Tribune. We’ve pulled up the corresponding links for you:

FHA 203(k) Rehabilitation Mortgage: Section 203(k) offers a single, long term, fixed or adjustable rate loan that covers both the purchase and repair of a property. Repairs can include things from simple cosmetic upgrades, like carpeting and paint, to significant renovations involving structural elements, plumbing, mechanical systems, roofing and more.

HUD Energy Efficient Mortgage: This program enables buyers to finance energy-saving home improvements as part of their mortgage loan. The home must have an energy assessment to determine the areas that are eligible for improvement. These can include insulation, windows and heating and cooling systems.

HUD Good Neighbor Next Door Program: If you are a law officer, teacher, firefighter or EMT, you could receive up to 50% the list price of select homes in targeted revitalization areas. The catch: the home must serve as your sole, primary residence for three consecutive years.

StartingPoint Realty – dedicated to first-time Chicago home buyers!

StartingPoint Realty proudly serves first-time home buyers throughout Chicago and the Northwest suburbs. We provide complete education and guidance during the entire home buying process! Attend a free home buying seminar to begin your path to home ownership!

We also provide many other resources to help you become a successful home buyer! Need down payment assistance? Check out our list of home buyer assistance programs on our website! Visit our Chicago Resource Center for no-pressure information and assistance.

Always feel welcome to contact us for help with your Chicago home buying questions!

Ryan Gable Broker/CEO Starting Point Realty
Phone: 847.348.1154

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