Updated almost 6 years ago on . Most recent reply
First timer researching on low down payment loans
Hello Biggerpockets, just a littlepocket here. I am taking this year to push for my first property to rent one unit and live in the other. I went searching for information on any possibilities for me to get a property this year or if I have to start the game with a long stretch of saving money for my first purchase. At first i came across FHA and 203k FHA loans, which these caught my attention on the spot. Sadly, with my preference of my first property being in Chicago, I would still have to spend time saving for a down payment and closing costs. So I kept looking for and other potential ways to grant me my first home. I stumbled upon IHDA down payment assistance programs for first time buyers and I am trying to get more information about this. I am jumping the gun while looking for information to ask everyone here, does anyone have experience or know much about this assistance program, or any similar programs? Is it actually a good idea, or are there some strings attached?