What do the Homeownership classes consist of?
Can I get down-payment assistance from NLS?
Do I have to purchase a home in an NHS target area?
Do you have special programs for Senior Citizens?
Yes. NHS provides affordable, fixed-rate mortgage loans to qualified homebuyers through Neighborhood Lending Services, Inc. (NLS), a nonprofit Illinois Residential Mortgage licensee (#M00661) and Equal Housing Opportunity Lender. Buyers with an ITIN also are encouraged to apply; NLS offers one loan application for both purchase and rehab loans. NLS also works withmany lenders who offer affordable mortgages. In addition, NLS offers Mortgage Credit Certificates (Tax Smart and I-Loans) to eligible homebuyers which save borrowers money on their federal income taxes.
The NHS Redevelopment Corporation has high quality rehabbed homes for sale or rent throughout Chicago. NHS also builds new single-family homes in several of NHS’ targeted neighborhoods through partnerships with the City of Chicago and lending institutions. View NHS NeighborHomes for sale or rent and the steps involved in purchasing a home through NHS.[return to top]
Yes. With an affordable fixed-rate home improvement loan from NLS, you can make any kind of home improvement, such as upgrading your kitchen or bathroom, fixing or replacing a leaking roof, replacing your furnace, installing new windows, building a garage, installing central air conditioning, or any other kind of home improvement/rehab work that you need. A qualified NHSConstruction Specialist will guide you through your home improvement project by providing a written workplan and specifications for the work, assisting you in securing bids from licensed and insured contractors, and working with you to monitor the work as it is being performed. Also, NLS offers Mortgage Credit Certificates (Tax Smart) which save Chicago borrowers money on their federal income taxes when they borrow from NLS to fix up their home.
Launched in fall 2006, NHS’ Historic Chicago Greystone Initiative® offers Chicago residents technical assistance and affordable financial resources to help them rehab an owner-occupied Greystone residence. The Greystone Initiative is a unique partnership between NHS, the City of Chicago, neighborhood residents, architecture and historic preservation organizations, and academic institutions aimed at preserving, restoring, and modernizing the City's Greystone residential buildings. [return to top]
Possibly. If you are at risk of losing your home, NHS’ HUD-certified counselors provide foreclosure prevention counseling and may be able to help you negotiate a loan modification or other workout with your lender. In some cases, you may be able to qualify for a refinance loan through NLS to lower your monthly payments. NHS also offers special Fix Your Mortgage events to assist you in applying for the new federal “Home Affordable Modification Program.”
Chicago residents also can call "3-1-1," the City’s non-emergency number, for referrals to free counseling and resources that can help. If you live outside of Chicago, call HOPE, 1-888-995-4673. For a list of HUD-Approved counseling Agencies, please visit www.hud.gov. [return to top]
Understanding the home buying process can make your home purchase less confusing and scary. NHS offers a free 8-hour, 4-class curriculum at several Chicagoland locations and in Elgin. Held in both English and Spanish several times each week, the classes provide all the information customers need to purchase, rehab, insure, and maintain a home. Upon completion of the program, attendees receive a Homeownership Education Certificate, which many lenders now require for first-time homebuyers as a condition of getting a mortgage loan.
Homebuyers also can meet with an NHS Homeownership Consultant to discuss their individual situation and get help to become a well-prepared homebuyer. NHS works with many conventional lenders and NLS to get homebuyers pre-approved for financing before they go shopping for a home.
Find out more information about the classes or call NHS at 773-329-4113. [return to top]
NHS offers the same curriculum in Spanish at the NHS Back of the Yards office and the NHS of the Fox Valley office. A special topic included in the Spanish classes is How to Obtain a Mortgage Using an ITIN number.
To enroll in the classes, call 773-579-0032 (NHS Back of the Yards) or 847-695-0399 (NHS of the Fox Valley). [return to top]
NHS ofrece el mismo plan de estudios en español en el NHS detrás de la oficina de las yardas y de la oficina del valle del Fox de NHS. Un asunto especial es cómo obtener una hipoteca usando un número de ITIN.
Para alistar en las clases, llame 773-579-0032 (NHS trasero de las yardas) o 847-695-0399 (NHS del valle del Fox). [return to top]
NLS has several programs and forgivable loans to assist first-time homebuyers in Chicago and offers deferred loans to first-time homebuyers in Elgin and Kane County. NHS also works with a number of Employer-Assisted Housing programs that offer financial assistance to employees that are purchasing a home. All forgivable loan programs and/or deferred loan programs have income and other eligibility requirements. [return to top]
No. NLS provides mortgage loans to qualified homebuyers for the purchase of a home in any Chicago community, as well as Elgin. NLS also offers home purchase and rehab loans throughout the City of Chicago and Elgin. Certain terms and conditions apply to NLS’ loans. [return to top]
NLS’ loans are available for low- and moderate-income borrowers within the city limits of Chicago and Elgin. However, NHS’ Homebuyer Education classes are available to all potential homebuyers, regardless of where they are thinking about purchasing their home. [return to top]
The NHS Redevelopment Corporation (NHSRC) owns and manages 289 units of rental housing, primarily on Chicago’s west and south sides. NHSRC also has single-family homes for rent. To see properties, click here. For more information, call 800-493-8120. [return to top]
No. NHS is a private nonprofit housing and counseling organization. NHS works closely with the City of Chicago, the City of Elgin, and Kane County on many programs. NHS also works with dozens of financial institutions, insurance companies, and other businesses to provide loans and community development services to Chicago and Elgin. [return to top]
No. NLS, through the Neighborhood Lending Program, provides deferred and/or forgivable loans for home purchase, home improvement, and refinance with rehab. These loans are made with funds provided through the City of Chicago Department of Community Development and Kane County. Deferred and/or forgivable loans have a range of income, residency, and occupancy requirements. [return to top]
The H-RAIL program in the Roseland community provides grants and home repairs for senior citizens. For more about NHS’ programs for Seniors, click here. For more about Reverse Mortgages,click here.
For specific questions on NHS programs and services, click here [return to top]
