Elgin Fox Valley – It’s June and the college towns across the plains of Illinois are hibernating in sleepy dormancy until muggy late August. The raucous party campuses are calm seas of empty green space as the coeds have fled back to their individual home towns. Lucky parents across the nation are enjoying having their adult children move back home, maybe for just the summer, or maybe for much longer.
Wait a second, perhaps not all parents are thrilled with the boomerang child scenario. Maybe some parents are ready to pack them off to home of their own as soon as possible. Parenting is hard enough trying to figure out how much help to offer to someone whom you taught to ties his shoe laces. Do they want to own a home? How much help do they need to buy a home of their own? Unless you live in Illinois, which offers free grant money for new first time home buyers (ask me for details!). Stepping in with a checkbook and a quick down payment might get them out of your home faster and empty the nest, but as compiled in the Wall Street Journal’s article below, stepping up the pace to get them to a new address may offer more aggravation than assistance in the long run.
Have questions about the new Illinois home buyer down payment assistance program? Email me and I’ll get the answers you need ASAP.