$7,500 Toward Your Closing Costs

Did you know that CPS (Chicago Public School) teachers are eligible for a grant of up to $7,500 that can be used toward closing costs of a home purchase? What a great way to give back to the teachers of Chicago who spend their days educating today?s youth. But just like any other grant, you must meet the following eligibility requirements to receive this benefit:

* Be a first time homebuyer
* Be a CPS teacher for at least 1 full academic year
* Make a commitment to work as a CPS teacher for at least 5 years after your purchase
* Must stay in the property for at least 5 years

Along with the above requirements, CPS teachers must attend a 1st time home buyer workshop that is run through a HUD approved housing counseling agency. You can contact Heather Hain at Rogers Park Community Development at 773.262.2290, ext. 12 to schedule an appointment. Once you have completed this workshop you will receive a certificate which you must show your lender. Along with the certificate, you will also have to provide income verification. Once your loan is approved and ready to close, your lender will send Rogers Park Community Development your loan application (Form 1003) along with a mortgage commitment. The grant money will then be wired to your closing. It’s that easy.

So what are the details of the grant?

* An interest free loan that is forgiven at the end of the 5th year
* $3000 to purchase anywhere in the City of Chicago or $7500 if you purchase in a new Plan for Transformation Development, click below for details: (http://www.rogersparkcdc.org/linkspartnerships.html)
* Matching grant assistance from Illinois Housing Development Authority (IHDA)
* Will receive a IRS-1099 for the grant money

This grant, along with the 1st time home buyer tax credit this year, will provide you with up to $15,500 in free money. One other requirement?the mortgage must be originated through 1 of the 11 preferred lending partners of CPS and guess what?A&N Mortgage is one of them. I would like to thank Rogers Park Community Development for the information regarding this program.

We would like to thank ChicagoGeek for sharing today?s photo via the Creative Commons License.