If you’re applying for your first mortgage, you may be eligible for a grant of up to $6,000 through the Federal Home Loan Bank of Chicago (FHLB). The subsidy may be used for down payment and closing cost assistance, home buyer education costs (up to $700), and/or eligible rehabilitation costs associated with the purchase of a home. This Downpayment Plus grant will be provided by INB at the closing.
To be eligible, you must meet income and eligibility requirements, including:
Your total household income may not exceed 80 percent of the area median income (based on income guidelines published annually by the U.S. Department of Housing and Human Development (HUD).
You must contribute at least $1,000 toward the home purchase.
You must attend pre-purchase home buyer counseling to ensure you understand the buying process as well as ownership responsibilities.
You must use the home as your primary residence.
You must sign a five-year retention agreement and agree to a lien on the property for the amount of the DPP grant. DPP grants are forgiven over a period of five years (1/60th per full month). In the event of property sale or removal of the Affordable Housing Program (AHP) lien prior to the end of the 5-year retention period, the homebuyer(s) must repay a pro rata of the grant.
Below is list of homes for sale in the area that may be a good fit for first time home buyers looking to utilize this downpayment program. For help in finding your first home, contact Jessica Ball - Your Local, Trusted Realtor with RE/MAX Traders Unlimted. *This list of homes include single family homes priced between $50K and $130K, to see other homes please use the search functions, more info on the grant can be found at INBs site - https://www.illinoisnationalbank.com/loans/mortgages/downpayment-plus-program/
Expect to be impressed with this Meticulously Maintained Home! 2 Bedroom 2 Bath Ranch w Full Basement in Jerome! Professional landscaping provides great curb appeal along with a beautifully maintained...
Step right into this delightful 2 bedroom 2 bathroom home. Loads of character throughout with an arched doorway, beautiful natural woodwork, concealed hardwood floors and a laundry shoot. Showcasing a...
The data relating to real estate for sale on this web site comes in part from the Internet Data Excahnge program of RMLS Alliance which contains data from Peoria Area AOR, Capital Area AOR, Egyptian BOR and Quad City Area AOR.
The accuracy of all information, regardless of source, including but not limited to square footages and lot sizes, is deemed reliable but is not guaranteed and should be independently verified through personal inspection and/or with the appropriate professionals.
The RMLS Alliance data on this page was last updated on 9/26/20 10:35 AM PDT