Resources for First Time Homebuyers
There are many resources available for first time homebuyers. It is very overwhelming to purchase a big investment let alone your first large investment. The government has devised plans to assist with home buyers who are purchasing for the first time. A couple of the programs include the Illinois grant and also the first time homebuyer tax credit. Understanding what programs apply to you and how much you qualify for is important when making your purchase.
The state of Illinois provides free money for its residents who are buying a home for the first time and need help with the down payment and closing costs. This money comes in the form of grants. There is currently one first time home buyer grant program available in Illinois. Low-income families can receive a grant of up to $3,000 to help with both the down payment and closing costs. If you have very low income, you may be eligible for a $5,000 grant. Not only is there a state grant but there are also federal grants available to first time homebuyers in Illinois as well. This grant is available through the Homes and Communities program of the United States Department of Housing and Urban Development.
The other resource that first time homebuyers can take advantage of is the first time homebuyer tax credit. This credit has now been extended through March. For this tax credit program, the IRS defines a first-time home buyer as someone who has not owned a principal residence during the three-year period prior to the purchase. The tax credit does not have to be repaid unless the home is sold or ceases to be used as the buyer’s principal residence within three years after the initial purchase. The tax credit is equal to 10 percent of the home’s purchase price up to a maximum of $8,000.
Every first time home buyer should research what programs the state and government have to offer. There are many benefits that come with being a first time homebuyer and free money is one of them. It is very important to see what you qualify for before purchasing your first home. Take some time to investigate these offers before making the big purchase. The government is encouraging homebuyers to make the investment and to allow for a recovery. If you are looking to purchase take advantage of the system and save some money.
Purchase A Condo
Everyone is talking…and it’s about today’s economy and real estate. Interest rates are at an all time low. The economic stimulus package offers a tax credit of ten percent of the purchase price up to $8000 for first time home buyers, and even the State of Illinois is offering a grant for first time home buyers. Add all those facts up and combine it with the fact that it is a buyer’s market and now is a better time than ever to purchase a condo.
The first step to purchase a condo is to call the Condominium Specialists at OwnACondo.com. We will explain the important facts that you need to know to purchase a condo of your dreams. From financing, to amenities the process can be overwhelming. But at OwnACondo.com we work with buyers, especially first time home buyers to help make purchasing a condo a reality.
The second step to purchase a condo is to consult with a mortgage lender to find out how much you would be able to qualify to purchase. This gives you a great starting point to find out what the monthly payment would be and the amount of a loan that would be acceptable based on your income and expenses. Many times, if you do not qualify at the moment, a good mortgage lender will offer suggestions on how to repair bruises in your credit rating and give you an idea of how long it might take to be able to purchase a condo.
Once you are pre-qualified, your OwnACondo.com Condo Specialist will begin helping you search for the condo you’ve always wanted. Together, you discuss the likes and dislikes of various types and sizes of condominiums and then it is up to you to decide the neighborhood you would like to call home. Maybe the perfect condo would be downtown or maybe in a smaller community.
From Contract to Closing, your OwnAcondo.com Condo Specialist is there to assist you in every step of the way and to give you an understanding about the process of purchasing a condo. So call the Condo Specialists at OwnACondo.com today! Our knowledgeable and friendly Condo Specialists are ready to help you find the condo of your dreams.
It’s a great time in the economy to consider whether to purchase a condo. There are plenty of condominiums to choose from and in just about any neighborhood of Chicago and also the surrounding communities. Purchase a condo today!
