The magical mystical Cook County Land Bank lures homebuyers

The Urban Landlady
Published: November 14, 2017

The Cook County Land Bank Authority (CCLBA) site even goes so far as to suggest sources of down payment assistance for first time homebuyers. By the way, do you know the actual definition of a “first-time homebuyer?” It’s counter-intuitive but it is NOT limited to people who are buying a home for the first time. The U.S. Department of Housing and Urban Development (HUD) uniquely defines first time homebuyers as someone who hasn’t owned a home in three years.

This is one of the very few instances in life where you can become “revirginized.” It looks like Madonna had the right idea. So it doesn’t matter if you’re being “touched for the very first time” or, like Madonna, you’ve been touched many, MANY times—just as long as you haven’t been touched in the last three years. Click this link to find out some other refreshing ways HUD defines a newbie.

While the choicest programs are often geared toward first-time homebuyers, CCLBA works with people who already own a home and also investors looking to expand their real estate portfolio. They definitely give priority to owner-occupants, but they will work with investors (which is unexpected for a program like this).

Let’s look at some more benefits of this program.....

(Click here to read the full blog post).

Keywords: CCLBA, Cook County Land Bank Authority, first time homebuyer, foreclosures, Madonna, owner occupant, purchase/rehabs, real estate investor, scope of work, virgin