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Mortgage Guide

How to get a home loan

How to buy a home in Chicago for less than $200,000


A tight budget doesn’t mean you have to keep renting forever. When you rent, you’re often helping someone else pay their mortgage – why not your own?

If your answer to that is “it’s too expensive to own a home in Chicago,” we might change your mind. There are plenty of homes for sale in Chicago for less than $200,000. Scroll down if you’re ready to look at some current listings. But if you’re still nervous about affording that, you should be aware of your choices.

Down payment and loan options in Chicago.

Having to make a 20% down payment on your home is a myth. You don’t need to keep renting to save up for that. In fact, it’s often more financially advantageous to purchase a home before then to start building equity. There are plenty of loan programs with low down payment options.

If you’re buying a home in Chicago, you also have a couple down payment assistance programs to consider.

Did you know Chicago has its own down payment assistance program? Chicago’s Home Buyer Assistance Program can cover up to 7% of the total loan amount for down payment and closing costs. Unlike many down payment assistance programs, you don’t have to be a first time home buyer to qualify for this program.

If you are a first time home buyer, you may also qualify for an Illinois Housing Development Authority (IHDA) down payment program. Depending on your situation, you could qualify for up to $10,000 in down payment assistance. Check out our IHDA ebook for more information.

Chicago homes for less than $200,000.

3200 N Lake Shore Dr, Unit 303 1 bed, 1 bath - $140,000

apartment for sale chicago less than 200000

Want to live next right next to Lake Michigan? How about having direct access to Lake Shore Drive? This property has both. Huge windows let in lots of natural light to this spacious one bedroom apartment for sale in Chicago’s Lakeview neighborhood.

 

5508 N Kenmore Ave, Unit G - 2 beds, 1 bath - $174,888

edgewater apartment for sale

Don’t mind a garden unit? Check out this 2 bedroom in Edgewater. Selling points include hardwood floors and kitchen appliances, in-unit washer/dryer, and decent sized bedrooms. This Edgewater apartment is just a block away from the Bryn Mawr red line stop and provides easy access to Lake Shore Drive.

 

2206 W Winnemac Ave, Unit 1 - 1 bed, 1 bath - $185,000

lincoln square mortgage

If you’re looking for a neighborhood with historical charm, Lincoln Square is a great place to look. This Lincoln Square condo for sale has an updated bathroom, a large bedroom with hardwood floors, excellent natural lighting, and a small private deck. Nearby are several public transit options.

 

2233 W Shakespeare Ave, Unit 1F - 1 bed, 1 bath - $195,000

In Bucktown, you won’t find many homes at this price. This highly desired neighborhood is near multiple public transit options as well as the Kennedy expressway. Many people choose to move to Chicago’s Bucktown neighborhood for its prominence in the Chicago food and bar scene. Whatever your reasons for choosing the neighborhood, this is a great option for someone looking at one bedroom homes in Chicago. Plenty of storage space, in-unit washer/dryer, hardwood floors, and updated appliances are just a few of this apartment’s selling points.

 

40 E 9th St, Unit 815 - 1 bed, 1 bath - $169,900

If proximity to the Loop is on top of your priority list, this South Loop apartment is worth your consideration. This spacious 1 bedroom apartment features lots of natural lighting, ample closet space, and hardwood floors. Additionally, living in this South Loop condo building grants you access to workout facilities, a party room, and 24 hour door staff

Ready to take the next step?

When it comes to finding the best loan program for your budget, your loan officer is your best friend. We’re here to help you make your homeownership dream a reality, and to relieve as much stress as possible from the whole process. Contact us to chat about your specific Chicago home budget, or use our Chicago Mortgage Calculator to see exactly what you can afford in real-time.

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