So I am in need of some help from someone knowledgeable. Here's my situation first. My husband is a teacher and a am a stay-at-home mom with my 2 year old son who receives therapy as often as 2-3 times a week (which would make it hard if I wanted to go back to work or to put him into daycare, but I want to stay home with him anyway). Anyway, with being a single income it makes it hard to financial do things. Like per say, buy a house. Especially where we live, the northern suburbs of Chicago. We were prearroved for $170,000 (or a loan amount of $140,000 and a down payment of at least $30,000). We currently live in a 2 bedroom town home in a very high taxed neighborhood (almost $6000) and we need more room, which is why we want to move. But we can't find anything in our price range. (And we don't have much equity to work with either)
So this is where the "Down Payment Assistance" question comes in. I've heard of non-profit organizations that offer grants for new and old home buyers and lower incomes. However there are fees and the buyer has to be willing to give a donation from the profits that they made from the sale they made from their house. I don't know many people willing to do that for someone they don't know.
Anyway, I've also heard of villages giving grants for the same reasons. Is this true and can someone give me more information?
We live in Grayslake, Illinois.
Thanks,
Mel
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