Illinois Building Blocks
Blue Island is one of fifteen communities in the Illinois Housing Development Authority’s Building Blocks program. IL Building Blocks offers a 30-year fixed rate mortgage with FHA, Conventional and VA loans. Buyers in Blue Island may qualify for a $10,000 forgivable loan for down payment and closing cost assistance when purchasing a VACANT house. Buyers must meet credit qualifications.

Home Ownership & Foreclosure Prevention

Home Ownership
Illinois Treasurer’s Office: Understanding Home Ownership
Owning a home has been called an American Dream. But signing up for the wrong kind of loan can quickly turn homeownership into a financial nightmare. The link above will provide you with tips from the Illinois State Treasurer on how to prepare for homeownership and recover from foreclosure once its begun.

Additional Homeownership Resources:
HUD-approved housing counselors
Avoid Predatory Lending

Foreclosure Prevention
Millions of American homeowners are facing tough financial choices created by a tightening economy and rising interest rates which are sending monthly payment rates up for many adjustable-rate mortgage holders.  If you or a friend or loved one is struggling to hold on to your home the links below can help provide you with an overview of the current mortgage crunch, what it may mean for you, and what options you might want to consider in order to stay current on your mortgage and avoid having to sell or face foreclosure.

Read more about homeownership and foreclosure prevention at Illinois’ Tomorrow’s Money website.