If they can't, the DuPage Homeowners Center will work with them until they do, even if it takes two or three years, Bergman said. There's more . This is called the Chicago Homebuyer Assistance Program , and the subsidy comes in the form of a no-interest loan that is forgivable on a pro rata basis. To participate in either of these programs, buyers must qualify for a market-rate mortgage at any conventional lender. The Illinois Housing Development Authority has a program with reduced mortgage rates.
Different limits apply in different counties.
But since the map is eight years old, some trendy areas are still included, such as parts of Wrigleyville and even Lincoln Park in Chicago. IHDA also has a pilot project for the West Town area of Chicago. Interest rates are 5 percent, and the down payment is only 3 percent and must come from the borrower's own funds. IHDA hopes to expand the area soon. You don't have to live in Aurora, Elgin, Maywood and Waukegan at present to partake, but you must buy there.