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Updated almost 3 years ago, 02/28/2022
Investor Friendly Down Payment Assistance Programs
Hi All,
Does anyone know of any programs in Chicago or Illinois in general that would be worth looking into for assistance with down payment or closing costs? From my research, I have come across programs that favor first time homebuyers or homebuyers whose incomes fall below the area median income. Also, any investor friendly programs that I have seen so far attempt to incentivize purchasing buildings in the rougher parts of the city (Englewood, Auburn Gresham, etc.) which I am hoping to avoid. I'm planning to purchase a 3-4 unit multifamily (budget $375-425k) at the end of this year & would prefer it to be in a developing area of the city. I plan to use FHA or a low down payment conventional. Apart from saving up for this purchase myself, any assistance I could receive would be a great help.
Does anyone know of any programs in Chicago or Illinois in general that would be worth looking into for assistance with down payment or closing costs? From my research, I have come across programs that favor first time homebuyers or homebuyers whose incomes fall below the area median income. Also, any investor friendly programs that I have seen so far attempt to incentivize purchasing buildings in the rougher parts of the city (Englewood, Auburn Gresham, etc.) which I am hoping to avoid. I'm planning to purchase a 3-4 unit multifamily (budget $375-425k) at the end of this year & would prefer it to be in a developing area of the city. I plan to use FHA or a low down payment conventional. Apart from saving up for this purchase myself, any assistance I could receive would be a great help.