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Great opportunity for an investor or homeowner who doesn't mind doing some work to add their personal touches and upgrades to this 3 bedrooms, 1 & 1/2 bath home located at 8737 S. Racine, Chicago, IL 60620. Property needs TLC but is livable and could make an excellent investment or home! There is ease of access to expressways, public transportation, shopping and schools. The home is being sold "As-Is". Schedule your private tour today! Broker is related to the seller.

Great opportunity for an investor or first-time homeowner who doesn't mind doing some work to add their personal touches and upgrades to this 3 bedrooms, 1 & 1/2 bath home in Auburn Gresham. Property needs TLC but could make an excellent investment! There is ease of access to expressways, public transportation, shopping and schools. The home is being sold "As-Is". Schedule your private tour today! Broker is related to the seller.

MLS #: 11353248
8737 S Racine Avenue, Chicago, IL 60620
Offered at $130,000

Yvette Wilkins
HomeSmart Realty Group
9755 W. 143rd St.
Orland Park, IL 60462
Direct:(708) 805-1228
[email protected]

UPDATED! 9 home financing programs to help buyers get into a home. Homebuyers often think they need 20 percent or more for a down payment, but the actual amount is often far lower and there are a variety of down payment assistance and mortgage financing programs available to make buying a home more affordable. If you are wondering how much home you can afford, this mortgage loan resources page offers information. You can also download and share this flyer with mortgage finance programs at a glance.

IHDA Mortgage
The Illinois Housing Development Authority (IHDA) offers a variety of mortgage and down payment assistance products for Illinois homebuyers who meet income and other program guidelines:

Opening Doors – Flat $6,000 down payment assistance
SmartBuy – Flat $5,000 down payment assistance; 15 percent of purchase price (up to $40,000) in student loan relief
Access Forgivable – Up to $6,000 in down payment assistance
Access Deferred – Up to $7,500 in down payment assistance
Access Repayable – Up to $10,000 in down payment assistance
Finally Home
This Illinois State Treasurer’s Office program helps Illinois residents who might not qualify for a conventional loan purchase or refinance a home. Finally Home guarantees up to 10
percent of a qualifying loan.

Downpayment Plus Programs
The Federal Home Loan Bank (FHLB) of Chicago provides down payment grants up to $6,000 to income-eligible homebuyers who receive mortgage financing through a participating FHLB Chicago member financial institution.

Home Possible Mortgage
Freddie Mac version of the 3 percent down payment mortgage is open to very low- to low-income borrowers who are first-time or repeat homebuyers. A credit score is not necessary and the source of the down payment is flexible.

HomeOne Mortgage
Freddie Mac’s first-time homebuyer solution that features a 3 percent down payment and maximum financing. There are no geographic or income limits for borrowers.

HomeReady Mortgage
Fannie Mae offers a mortgage with a 3 percent down payment for low-income, first-time and repeat buyers. Additional income sources are considered and coborrowers (parents for example) don’t have to live in the home.

FHA Loans
Federal Housing Administration (FHA) insures loans with down payments as low as 3.5 percent, affordable closing costs and the ability for borrowers with less-thanperfect credit to qualify. FHA maximum loan limits can vary by county and state.

VA Loans
Available to qualifying veterans, active military members and eligible surviving spouses, these loans are guaranteed by the U.S. Department of Veterans Affairs and don’t require a down payment or mortgage insurance.

USDA Guaranteed and Direct Loans
U.S. Department of Agriculture (USDA) program assists low- and moderate income consumer buy homes in eligible rural areas. The low-interest, fixed rate loans can be used to build, rehabilitate, improve or relocate a dwelling.

January 12, 2021|Illinois REALTOR® Magazine, Homeownership|0 Comments

UPDATED! 9 home financing programs to help buyers get into a home Homebuyers often think they need 20 percent or more for a down payment, but the actual amount is often far lower and there are a variety of down payment assistance and mortgage financing programs available to make buying a home more affordable. If you are wondering how much home you can afford, this...