We have a new home buying program for certain counties and zip codes in IL and WI that are in the Census Tract. In IL the counties that are included are Cook, DuPage, DeKalb, Kane, Kendall, Lake and McHenry. In WI they are Milwaukee, Kenosha, Pierce, Ozaukee, Racine, St. Croix Washington and Waukesha. The program is address based so we will need to check the exact address to be sure even if the property is in the counties list above.
Here are the highlights of the program:
There are no income restrictions but you must meet minimum credit scores for the different programs and qualify on an income basis just like a regular loan. Basically we will match the down payment the buyer puts down up to 5% of the appraised value with a maximum of $8,000. Then there is a credit available for up to 5% of ***certain closing costs, this is a little complicated so give us a call at 312-896-2110 and we can go over the program and requirements. This is a fantastic home buying program.
- Types of assistance available
- Closing Cost Assistance
- Up to 5% of loan amount
- Closing costs grant forgiven immediately
- Prepaids and escrows are not allowed
- Origination fees up to $500.
- Matching Down Payment Assistance
- Dollar-for-dollar match of down payment from borrowers own funds
- Up to 5% of appraised value (maximum of $8,000)
- Available for purchases only
– For first time homebuyers – First Time Homebuyer education from an approved Fannie Mae source is required
- 5 year forgivable grant
- May not be used in combination with other grant programs