Bungalow Mortgage | Bungalow TaxSmart Mortgage | Traditional Mortgage
Through particular Lenders families that meet the income guidelines and purchase price limits (Note: higher incomes and purchase prices apply for those who purchase a home in one Chicago's designated "Target Areas") may also be eligible for a Bungalow Mortgage or Bungalow Tax Smart Mortgage.
- A "gift" equal to 4% of the mortgage amount to be used as a down payment or for other "costs"
- Competitive mortgage rates
- $500 voucher for an energy efficient appliance
- Reduces Federal Income Tax by 20% of the annual interest paid loan each year for life of the mortgage.
- Competitive interest rates
- $500 voucher for an energy efficient appliance
- Tax Smart application must be secured before purchase is complete.
Eligible borrowers must have the certified Historic Chicago Bungalow as a primary residence and be first time home buyers. Download a TaxSmart brochure.
Purchasers not eligible for the Bungalow Mortgage or the Bungalow Tax Smart Mortgage will be eligible for attractive mortgage packages through Bungalow Lenders that include:
- Competitive interest rates
- The ability to finance rehab at the same time and at the same interest rate as the mortgage.
- Financing based on the appraised price of a rehabbed home (if rehab is contemplated) rather than the sales price alone.
- $500 voucher for an energy efficient appliance
Eligible borrowers must have the certified Historic Chicago Bungalow as a primary residence.
Related Links:
Bungalow Lenders
Income
guidelines and purchase price limits 
Target
area map
Realtor.com
Chicago
Tribune Real Estate
Chicago
Association of Realtors
Note: The HCBA does not maintain a list of homes for sale. You must work with a realtor or locate the bungalow on your own.