Investor Friendly Down Payment Assistance Programs

[Tayo O.]

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.

[Eudith Vacio]

Welcome @Tayo O. - you have some real great advice here - and if your loan is a limiting factor, see if you can negotiate some credits from the seller upfront - sellers usually only care about their net profit. 

if a home is $400k; you can go 2 ways: purchase at $400k with NO closing credits OR purchase at $410k with $10k credits. BOTH will get the seller $400k but you walk away with $10k in the latter option to your benefit.

:) hope that helps!