No money down

How to Use Seller Concessions to Pay For the Closing Costs When You Buy

It costs a lot of money to buy a home. For most first time home buyers, coming up with the down payment is the biggest challenge, and even the low 3.5% down payment that FHA requires can be a big hurdle to buying (Here are some ways to get together the down payment). But getting the money together for the down payment is only part of the problem. In addition to the down payment there are a lot of other costs you will need to come up with at the closing. Some of the items you will need to pay for include: Bank fees, including the appraisal and credit report, underwriting and processing charges. Title charges. Transfer taxes. In Chicago the transfer tax is .75% for buyers, or $2,250 on a $300,000 home, so this can be a big item. Attorneys fees and home inspection costs. The first year’s insurance…

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Can You Still Buy a Home in the Chicago Area with No Money Down?

Now that it’s April, I think it is finally safe to say winter is over here in the Chicago area. It’s been a long hard winter, and spring couldn’t come a moment to soon. But the baseball season has officially started, the sun is out and my phone is ringing with first time home buyers who are ready to take the plunge into home ownership. Yep, this is springtime in Chicago. First time home buyers Loan generally have two things in common. One, they are nervous about the home buying process and whether they will be able to qualify for a mortgage (especially now with all the economic uncertainty and the tighter underwriting from the mortgage mess), and two, they don’t have a lot of money saved up for a down payment. This wasn’t a problem a year or two back. Over the last few years 100% financing loans were…

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