| Home ownership has been called the Great American | | | | assist families who meet income guidelines with a |
| Dream for generations. Given the current housing | | | | $3,000 to even $5,000 toward the down payment. |
| market, the realization of this dream may seem out | | | | Chicago first time home buyers can take advantage |
| of reach for many families. There are a few tricks of | | | | of this program as well because these funds are |
| the trade, including planning and budgeting, that can | | | | given to states and come from the Federal Housing |
| help put a family into the home of their dreams. | | | | Authority. The funding is on-going and capable of |
| Potential home buyers in the greater Chicago area | | | | helping many families get a mortgage for their dream |
| are fortunate to have options that can see that | | | | home. |
| dream through to reality. | | | | As simple as it may sound, sitting down at the |
| In general, planning for the purchase of your first | | | | kitchen table with a list if bills and a calculator is |
| home begins well before the first appointment with a | | | | another essential step to making the dream for first |
| real estate agent. To prepare for the process, a | | | | time home ownership come true. Understanding just |
| favorable credit rating is a good place to begin. If you | | | | how much home you can afford serves two |
| have credit card balances, keeping them under 25% | | | | purposes. For one, it gives prospective homeowners |
| of the total amount of the credit line is advisable. | | | | a place to start when they begin their hunt for a |
| Once you know buying your first home is in the near | | | | new home. A good grasp on financial planning ensures |
| future, refrain from making large purchases with your | | | | the homeowner will be prepared for the expenses |
| credit cards. | | | | that go along with the purchase of a new home. |
| Try to make your credit report look as good as | | | | Secondly, knowing what type of payment will work |
| possible. Work on paying off other debts, long | | | | within the monthly budget can help narrow down the |
| standing loans such as student loans, that might | | | | type of loan that will be the best fit. Potential 1st |
| make your credit look less than desirable. Take a | | | | time home buyers would do well to consult with a |
| good look at your credit history. If there are | | | | mortgage specialist early in their search for a new |
| outstanding blemishes, get them resolved as quickly | | | | home. Other programs exist as well, some that give |
| as possible. | | | | special funding for veterans, teachers, nurses and |
| For those who may find it a challenge to put down a | | | | others. Some programs may even help specific |
| large down payment, government programs exist to | | | | families find their way into home ownership for 0% |
| assist qualifying families. Dubbed 1st Time Home | | | | down, so get started by talking to a qualified lender |
| Buyers, this program sets aside federal funds that | | | | as soon as possible. |