Can I buy without a downpayment, if so is 20% the only amount I can do.
Are there any programs for first time home buyers.
I live in Chicago, IL.
Would you buy a house if you didn’t have a downpayment. I found this great condo in the area I am in now. 2 bedrooms for 160,00.
I recently purchased my first home without anything down except having to pay the closing cost. From what I’ve seen there are alot of morgage companies that will hep with first time home buyers. You might watch out for some of them though because you will pay higher interest rates that banks. I work for a bank and work with morgages and there are alot of different types. Someone else stated though to stay away from 80/20 loans I agree with them. If possible try to get a VA loan if your a Vet. Even though the VA is really picky with its inspection if they approve you you will get a lower interest rate and it will be fixed. Hope this helps you out.
Mar
9
Mar
9
I have purchased a new property in palatine, IL. what advantages I could get as First Time Home Buyer? In Income tax,Property Tax, exemption, discount etc etc.
There are lender programs for first time homebuyers, homestead tax exemption you can take as well. There may be a cutoff date for the homestead(for instance I closed on a home later part of March and the cutoff date was March 1st)so I was told by the assessors office I would have to wait til next year but I do get it.