City resurrects mortgage program for 1st-time buyers

With interest rates on the rise, Chicago has resurrected its City Mortgage program, which offers first-time buyers discounted mortgage rates and help with down payments. First-time buyers anywhere in Chicago can get the lower rates and a grant of 4 percent of the mortgage cost to be used for down payment and closing costs. If you buy in a targeted area, where the city wants to spur investment, you don’t have to be a first-time buyer. To qualify, though, you have to meet income requirements, which for a household of three or more people is $86,710 in non-targeted areas and $105,560 in targeted areas. You can find more information at the Department of Housing.

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