Down Payment Assistance is NOT Dead

Buying a home has never been more affordable than it is right now. With record low interest rates and house prices falling to their lowest levels in a decade, owning a home is even more affordable than renting.  However, there are still a lot of people who cannot take advantage of the current market because they lack a down payment.

Many first-time homebuyers, who would otherwise qualify for a mortgage, lack the funds to cover the down payment and closing costs necessary to purchase a home. In fact, this is the largest barrier to becoming a homeowner.

Some people are fortunate enough to be able to get a gift for the down payment from a parent or other relative. But, with the recent economic down turn fewer people have money to give. And, with lenders eliminating 100% financing options and with seller-funded down payment assistance programs being banned a couple years ago, many first-time homebuyers have had to sit on the sidelines and wait to afford a new home.

Down Payment Assistance is Alive and Well in Illinois!
In Illinois, there is a program that will assist these first-time home buyers purchase their new home — and maybe help the housing market turn around.

Here are some of the features of the program:
• Up to $6,000 in down payment and closing cost assistance
• Up to 100% financing available
• Fixed rate with terms up to 30 years
• Available with FHA, VA, or conventional loan programs
• Reduced mortgage insurance for conventional loans
• Available to first time home buyers, veterans or spouses of veterans (In certain, targeted areas, these restrictions do not apply – contact me for more information).

With this program, we have been able to help first-time homebuyers make the leap into homeownership. Call me today at 708-473-7688 for more information on this program or email me at BarkerLoans@gmail.com

There are also income limits and maximum purchase price limits — contact me for all of the details.