City Mortgage Program

What is a City Mortgage Program? The City of Chicago has enforced a program that gives borrowers a huge step up by giving low income as well as  middle income Chicago home buyers a 30-year mortgage at a fixed-rate and at bargain interest rates with up-front grants to help pay for the house's down payment and its closing costs, all of these amounting to 4%. Along with this 4% gift from the City of Chicago, there are other benefits to be had from this City Mortgage Program. They have included such perks like a very low fixed-rate mortgage for the 30 year period previously stated, option of 100% financing and you receive at the time of closing a  4% city gift.

Chicagoans have to meet pre-required income brackets as well as the purchase price limits for their Chicago home choice to be able to qualify for this program. They also have to be first-time home owners or buyers in these neighborhoods. In certain areas, however, previous homeowners may try to take advantage of this deal. These areas are neighborhoods where the city is trying to boost home ownership in or increase the number of people who own their own Chicago homes.

Would you like to learn more about the Chicago City Mortgage Program? Fill out the form to the right and I'll be in contact with you soon!