First-Time Homebuyer Guide: Buying a Home in Chicago

Buying your first home in Chicago is exciting — but it can also feel overwhelming. With over 33 years of helping Chicagoland families become homeowners, here's what you need to know to get started.

Get Pre-Approved First

Before you start browsing listings, get pre-approved for a mortgage. Pre-approval tells you exactly how much you can afford and shows sellers that you're a serious buyer. In Chicago's competitive market, this step is essential.

The pre-approval process is quick — often just 15 minutes — and it's free with no obligation.

Understand Your Loan Options

As a first-time buyer, you have several loan programs to choose from:

• FHA Loans — As low as 3.5% down with flexible requirements. Ideal for buyers with lower income and less than perfect credit.
• Conventional Loans — Down payments starting at 3% for qualified borrowers with no upfront mortgage insurance. There are also special programs for first-time home buyers that allow as little as 1% down.
• VA Loans — 0% down for eligible veterans and active-duty military.

Not sure which is right for you? Check out our loan programs page or use our mortgage calculator to estimate your monthly payment.

Down Payment Assistance in Illinois

Illinois offers programs through IHDA (Illinois Housing Development Authority) that can help with your down payment and closing costs. These programs can make homeownership more accessible than you might think.

What to Expect at Closing

The mortgage loan approval process typically takes 15-30 days at New Market Mortgage from application to closing. We guide you through every step, handling the paperwork so you can focus on finding your perfect home.

Ready to Get Started?

The first step is the easiest. Contact us for a free consultation, or get pre-approved online in just 15 minutes. We'll help you navigate the Chicago housing market with confidence.