Median sale prices inside The Loop dipped 3 % year-over-year to $340 k, while lakefront condos in Streeterville held firm at $510 k. Inventory city-wide sits at 2.4 months—technically a seller’s market—yet listings linger 42 days in Garfield Park versus 17 in Lincoln Square, proving micro-market finesse is everything. Cash offers still win 28 % of deals, but IHDA’s 3 % down-payment plus $6 k assistance lets financed buyers compete if they close in 30 days—NMHL’s average.

• Two-flats: up 19 % in sales volume; FHA permits 3.5 % down if you live in one unit.
• New-construction condos: developers paying up to 3 % in closing credits—stackable with NMHL lender rebates.
• Fixer-uppers: 1,400 homes listed under $250 k in South Chicago; 203(k) standard loans close in 45 days with our in-house consultant.

Property taxes averaged 1.78 % of assessed value in 2023, but the assessor’s staggered triennial reassessment means your bill can spike 25 %-30 % overnight—budget accordingly when your lender escrows.

First-time buyers on a tight budget: head to Auburn Gresham or West Pullman where 3-bedrooms trade around $185 k and the IHDAccess Forgivable grant covers your 3 % down. The Red Line extension promise is inflating land values, so buy while the 15-minute commute to downtown remains a rumor.

Self-employed creatives: Logan Square and Pilsen still have sub-$450 k frame houses that qualify for NMHL’s 12-month bank-statement loan; you’ll need only 10 % down and can count Airbnb income if you have a year of leases.

Veterans: Hegewisch and South Shore offer lake-adjacent living under the VA county loan limit ($766,550 in 2024) with zero down, plus Chicago’s Veterans Property Tax Exemption shaves $2,400 off annual taxes. Pro tip: use NMHL’s VA IRRRL to drop your rate later without an appraisal.

Jumbo buyers: Gold Coast and Lincoln Park routinely top $1.2 million; our NMHL Jumbo Plus allows 10 % down to $1.5 million with 700 FICO and lets you cosign a non-occupant relative for DTI flexibility.

IHDA @HomeIllinois: 3 % of purchase price forgivable after five years; income limit $111,440 for a two-person household in Cook County. Combine with NMHL’s 3 % down conventional and you’re in with 0 % from your own pocket.

Chicago Home Buyer Assistance: $6 k-$10 k zero-interest deferred loan; repay only when you sell or refinance. Target areas include Belmont Cragin, Austin, South Chicago—check the interactive map on the city’s DOH site.

Community partners: Neighborhood Housing Services of Chicago lends $7,500-$15,000 at 0 % for 5 years; use it for down payment or closing. NMHL pairs this with our Fast-Track Closing Guarantee—miss the grant deadline and we pay $2,500 toward costs.

Employer-assisted: University of Chicago, Rush, and Amazon match up to $5 k through the Live Near Your Work program; we certify the paperwork same-day.

Chicago’s large renter population means many would-be buyers carry high utilization from security deposits and moving costs. NMHL’s Fresh-Start FHA allows 500-579 scores with 10 % down and two months of reserves—far more flexible than most local banks. If your score is 580-619, we can approve with 3.5 % down and accept 12 months of alternative credit (utilities, cell, renters insurance).

Medical collections are common here; our underwriting ignores balances under $2 k and treats paid collections as satisfied, so you don’t have to wait for score boosts. For self-employed borrowers with rocky payment history, we use bank-statement income to lower debt ratios, often erasing the 2 % rate hit competitors add.

Recent bankruptcy? FHA allows day-one discharge with re-established credit and 12 months of on-time rent. In 2023, NMHL closed 47 loans for Chicago clients just 14 months post-Chapter 7, averaging $285 k purchase price in Englewood and West Lawn.

Illinois is one of 14 states that waive property taxes entirely for 70 %-or-greater service-connected disabled veterans—on a $400 k home that saves $7,200 every year, effectively adding $95 k to your buying power. NMHL’s VA Jumbo funds up to $4 million on single-family homes with 0 % down, critical for North-side purchases that exceed conforming limits.

Active-duty at Great Lakes Naval Station qualify for the Defense Finance BAH—our underwriters gross-up non-taxable BAH by 25 %, helping you qualify for homes in Lake Bluff, Glenview, or even downtown condos. We also offer interest-only VA loans during deployment periods, keeping payments low while you’re stationed overseas.

Post-9/11 GI Bill housing allowance counts as qualifying income if you receive it for at least 12 more months; pair it with IHDA’s $6 k grant and you can purchase with negative out-of-pocket—our record is a Navy IT specialist closing on a $310 k Rogers Park condo with a $1,100 appraisal credit check back at closing.