government breaks for first time home buyers?

Question

im lookin at possibly getting a townhome/condo instead of renting...
ive heard that the help is out there, but i cant seem to find anything. this is what ive heard: that they will pay or waive your down payment, and there are special listing for ones that are cheaper.. has anyone heard of this?

i live in chicago suburbs

Answer 1

There are special programs offered by the state of Illinois for first time home buyers. The Illinois Finance Authority offers 30 year fixed rate FHA home loans/mortgages as well as downpayment assistance. The downpayment assistance offered includes a program for single family home buyers which is a 3% grant, forgivable over the course of 10 years.

Check out the site below to learn more. Good luck!

Answer 2

There are no 'first time buyer benefits' on a national level (federal government). Anything which DOES exist will be at a state level or lower.

My state offers nothing other than a reasonable cost first time buyer state backed loan (rates are about 1/2% below the regular. )

Some cities have specific programs for certain properties, but these programs are generally aimed at improving the quality of real estate in certain blighted areas. Look around and see what is offered where YOU live.

Answer 3

In Oregon, there are some first time home buyer programs that are targetted to certain income levels, to help people with moderate income get into home ownership. I'm sure there are similar programs in your area, talk to local lenders about what is available in your state.

Answer 4

I would check w/ the non-profit organizations in your area to see about special housing programs, also check w/ local banks and ask about LMITand LMIB discounts which depend on where the home is located (address) and what the median income is for that area.