Is their grants for first time home buyers in Illinois?

Question

can anyone point me in the right direction to find grants for first time home buyers in Illinois.

Answer 1

You can go to the Catalog of Federal Domestic Assistance (CFDA) http://www.cfda.gov and Grants.gov http://www.grants.gov - these are two FREE sites created by the federal government to provide transparency and information on grants. Browse through the listings and see if you can find any grant that would support your purposes.

Even if you buy books on "how to get grants" or list that supposedly has information on grants -- all of them are mere rehash of what CFDA has, albeit packaged differently.

Here are grants on housing that you may want to check out http://12.46.245.173/pls/portal30/CATALOG.FUNCTIONAL_PROGRAM_TXT_RPT.SHOW?p_arg_names=func_cat_cd&p_arg_values=ML Check for programs such as Dollar Home Sales or Self-Help Homeownership Opportunity Program

Note though that these grants generally support non-profit organizations, intermediary lending institutions, and state and local governments. Most of the federal grants are given to specific target groups with specific requirements (e.g. minority business owners involved in transportation related contracts emanating from DOT - Grant#20.905 Disadvantaged Business Enterprises Short Term Lending Program. Individuals especially for personal purposes are not eligible for federal grants.

Answer 2

Make sure you find a good agent who can find you a good deal. As housing market continues to slump, you can find great discounts.

In most area of the U.S., housing price stopped going up as inventory continues to build up. It is normal to see a correction as a boom that lasted for several years.

If you are investing new money in to real estate, this may not be a good time as the potential return on investment is small compare to the high risk of lower home price.

If you are doing a side way move, meaning you are selling one to buy another one, then it is acceptable.

Nothing is absolute, but housing market is very likely undergoing a correction and this is only the beginning. Some say this would be a soft landing (0 to 10%). Some say a big crashing is coming (10 to 20%).

http://money.cnn.com/2006/08/24/news/economy/newhomes/index.htm
http://money.cnn.com/2006/08/23/news/economy/homesales/index.htm

Answer 3

Don't know about Illinois specifically, but there are rarely grants for first time homebuyers unless you are in a rural development area or a low-income redevelopment area. You should go to the HUD website to find out if where you want to live falls into one of those catagories. There are usually just loan programs.

Answer 4

Check your state's website. In Michigan there is downpayment assistance or lower interest rate programs. It's really a great deal that's rarely talked about.

Answer 5

Go to http://www.grants.gov/ to see what grants are available.

Answer 6