Buy a Home in Chicago With No Money Down: FHA Loans in Illinois

How you can still buy a home in Chicago with no money down:

Last week the President signed H.R. 3221, Housing and Economic Recovery Act of 2008, into law. The bill contains a provision (SEC. 2113) which forbids FHA from insuring mortgages in which the borrower's down payment comes from a private down payment assistance provider, beginning October 1, 2008. As of this date, the minimum down payment will be increased from 3% to 3.5%.

This means more than 300,000 working class families will be locked out of homeownership in the next year alone. You must act quickly to take advantage of these programs while they are still here.

Saving to buy a home can be a difficult task. For many potential home buyers saving enough money for a down payment and closing costs may take years relegating them to renting instead of owning a home. You can use Gift funds for both first time and repeat homebuyers in Chicago or any where in Illinois:

●Gift funds up to 6% of the final contract sales towards your down payment and/or closing costs
●Gift funds for both new construction and resale homes
●No repayment of gift money
●No income or asset limits
●No geographical restrictions

These programs are going away, so call me today!!!

To view additional FHA loans requirements visit our FHA Loan page on our website.

Also view our other Government Loans including VA and Rural Housing.