Do You Qualify for Down Payment Assistance?

home buyer

Most folks these days are living paycheck to paycheck and are having a hard enough time trying to pay all of their bills on time. This is one of the biggest reasons many people are looking for some sort of down payment assistance when it comes time to purchase a new home. For many people owning their own home cannot become a reality because they simply cannot afford to come up with the down payment needed. Rest assured if you are one of those people who have a hard time coming up with enough money to pay bills much less enough money for a down payment on a house, there is hope for you! Below are a few ideas for down payment assistance and what you need to do to qualify for it.

  • Figure out what your adjusted gross income is so that you will know if you can or cannot qualify for down payment assistance.
  • Complete a HUD application at your local HUD (The US Department of Urban Development) office.   In order to qualify for HUD your adjusted gross income must not be more than 80 percent of the local median income.
  • The down payment assistance program from HUD has a limit of 6 percent of the home’s purchase price or $10,000 so be sure that you know what size and price range you are looking for in a home before you apply for assistance. Knowing some of these things beforehand will possibly save you a lot of hassle in the long run.
  • You may possibly qualify for a grant that you do not have to pay back such as with the American Dream Down Payment Initiative Program. This program is known as the ADDI. If you need assistance with your home down payment be sure not to let this particular program slip through your fingers.

Hopefully these few ideas for down payment assistance will get you started in the right direction when looking for a home of your own. It is important that you don’t get discouraged and give up when looking for these types of assistance programs. They are out there for the taking you just have to be diligent to look for them and see which ones may be able to assist you in your home buying experience. It is all too easy to give up and not look deep into all the different home down payment assistance programs but I promise you if you do enough research you WILL likely find one out there that is just waiting to help you.

Courtesy of Chicago Realtor Karen Breen Elia!

MAKING A POSITIVE DIFFERENCE IN PEOPLE’S LIVES.

Karen Breen Elia & Louis M. Elia, REALTORS®, are brokers for homes, condos, and multi-unit properties on Chicago’s North Side.

ChicagoCityHomes, RE/MAX Exclusive Properties
2951 North Lincoln Avenue
Chicago IL 60657
Toll Free: (866) 404-3585 Fax: (773) 938-1467  Send An Email

We know Chicago Real Estate!  Call us today!

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