We've mapped out how to finance a home with little or no money down. We've walked through the entire home buying process. Now let's take a closer look at some of the locales that might be most appealing to actors, artists and/or first time home buyers. These are generally areas that offer a combination of artistic opportunity, overall safety and great value.

Finding these gems is easier said than done, so I decided to call on a couple of realtor-friends of mine, Jasen Schrock of Prudential Preferred Properties (also an actor and musician) and Graeme Sharrock, owner of Artists Real Estate Services, which represents and counsels buyers looking for art spaces, residences and investment property in the Chicago area.

Albany Park

Jasen's first pick was Albany Park. This diverse residential and commercial neighborhood on the Northwest side of Chicago is bounded by Foster Ave. on the north, Montrose Ave. on the south, Elston Ave. on the southwest, and the north branch of the Chicago River on the east. Albany Park is particularly attractive because of its proximity to the Brown line and Interstate 94 as well as other popular locales such as Lincoln Square. There are many eclectic shops and restaurants along Lawrence Ave., while the side streets are generally quiet and residential with a good mix of single family homes and vintage mid-rise buildings.

On the artistic side, this area is the home of the Albany Park Theatre Project (www.aptpchicago.org), which is dedicated to crafting dynamic, original theatre and to helping neighborhood youth recognize and achieve their potential.

According to Jasen, you can find many new developments with standard quality finishes at a discount to the rest of the city. The average list price for a two bedroom, one bath condo is just over $200K.

Rogers Park

Jasen's second pick was a neighborhood that has been on the real estate radar for some time now: Rogers Park. "If you were to buy there now, you certainly would not be a pioneer in the neighborhood. However, you can still find very good living space for the dollar."

Rogers Park, the northernmost neighborhood in Chicago, is attractive because of its proximity to the Lake, the Red line and the Metra. Loyola University brings a young feel to the neighborhood, while stately mansions on huge city lots remind us that Rogers Park was once a resort area for city dwellers.

Gentrification has been slow but steady as new restaurants and businesses are continuing to surface along the commercial stretches of Sheridan, Clark, Morse and Howard. The arts community is stronger than ever in Rogers Park, anchored by the Heartland Café, the Heartland Studio Theatre and, of course, the award-winning Lifeline Theatre Company. For more information about this community, look no further than www.rogerspark.com, which includes the extensive Rogers Park Artists Directory. (Worth a look whether you're buying or not!)

As with Albany Park, there are many new developments that have all of the standard qualities of projects in Lakeview or Lincoln Park, such as stainless steel and granite, but are much less expensive. For those of you interested in a possible renovation or rehab project, hi-rise buildings built near the lake in the '50s and '60s can be a great deal, though they are going quickly. The average list price for a two bedroom, one bath condo is still under $200K.

On his two recommended neighborhoods, Jasen concluded: "Many of my actor, musician and artist clients have been interested in Rogers Park and Albany Park. Although some of this has to do with the affordability of the areas, I also feel that these areas offer a diverse and colorful community in which to work creatively."

For more information, feel free to contact Jasen at 773/805-7432 or jschrock@prupref.com.

Lincoln Square

Graeme's pick was Lincoln Square, bounded by Foster Ave. on the north, Montrose Ave. on the south, Damen Ave. on the east and the Chicago River on the west. The creative atmosphere here is undeniable: Lincoln Square is home to world-renowned illustrator Thomas Gianni ("Dark Horse Comics," "Harry Potter") and international award-winning photographer David Mayhew, as well as the Old Town School of Folk Music and The Renaissance Project, both on Lincoln Ave. Growing up around a traditional German community, the neighborhood offers numerous support services for fine artists, including retail exposure in Gallimaufry Galleries (4712 N. Lincoln), exhibition and framing at The Framing Gallery at Lincoln Square (4757 N. Lincoln), and the fine art restoration expertise of Scott Sherwood.

Graeme believes the area is still affordable for low-to-moderate income folks and pointed out the wealth of commercial spaces available in Lincoln Square. Though there are few large facilities such as the Chicago Printmakers Collaborative (4642 N. Lincoln), "individual artists should join together and take advantage of the current glut in commercial space," says Graeme.

"Home prices in Lincoln Square and Ravenswood have been creeping up," he adds, "but there are still plenty of commercial spaces available, from a mere $250 per month for a small office-studio on Western Ave. to 7,000 s.f. of divided, dry-walled space on Lincoln Ave. The Ravenswood Ave. corridor also offers medium-sized spaces (1,500-5,000 s.f.), but with longer-term leases."

For more information, feel free to contact Graeme at 312/203-9403 or gesharro@midway.uchicago.edu.

Canaryville

On the southern edge of the burgeoning Bridgeport community, you'll find a diamond in the rough less than five miles from downtown: the gritty neighborhood known as Canaryville. You'll be surprised to find big Victorians, or even a mansion or two in this old community that stretches from 39th to 49th Street from Halsted to the Dan Ryan. There's a sizable housing stock here that includes wood frames, graystones and bungalows.

Though the area is not as far along as the above-mentioned neighborhoods, there are a number of promising signs for Canaryville. New construction is booming, land values have doubled in the last 12 months and pre-existing homes are worth 20 percent more than last year. You can find a fixer-upper bungalow for as low as $150,000 or something nicer for a little more.

I will try and take a look at more neighborhoods on the rise in future articles. If you would like to suggest a particular area, feel free to call or e-mail anytime. Be sure to stop by and say hello at my booth at the Artists Housing Expo Saturday April 2 from 10a.m. to 4p.m. at the Chicago Cultural Center. (For more information about this great event, please read last month's article.) Again, the Expo is free!

Mike McNamara has been an actor in Chicago for the past seven years, in theatre, commercials, television and film. Mike is also a mortgage consultant and loan originator with West America Mortgage Company. He can be reached anytime at 773/398-0021 or McNamara310@aol.com.