In an effort to help individuals achieve their dreams of homeownership, the Kane-Elgin HOME Consortium has funded the First-Time Homebuyer Program which comes with the Kane County Down Payment Assistance Program.

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Kane County First-Time Homebuyer Program

Financial Assistance for Homebuyers in Illinois

In an effort to help individuals achieve their dreams of homeownership, the Kane-Elgin HOME Consortium has funded the First-Time Homebuyer Program which comes with the Kane County Down Payment Assistance Program.

Available Assistance
The First-Time Homebuyer Program provides income-eligible applicants up to $10,000 in assistance funds to be put toward down payment and closing cost assistance to first-time homebuyers. This comes in the form of a zero-interest, deferred payment second mortgage payable to Kane County. The amount is due for repayment in the case of sale or transfer of the home, or when it no longer serves as the applicant’s primary residence.

Eligibility Requirements
All applicants need to meet certain requirements in order to be eligible for the Kane County Down Payment Assistance Program. The program is only available to first-time homebuyers—those who have not owned a home in the last three years—who have been residents of Kane County for the last year. Applicants must fall within the program’s income limits; the annual household income cannot exceed 80 percent of the area median income (limits shown below).

Property Guidelines
Any home being purchased with program funds must serve as the borrower’s primary residence, and must be located in Kane County and portion of the City of Elgin in Cook County. Eligible property types include single family detached homes, condominiums, and townhomes; manufactured homes are not eligible. The property must not exceed the program’s maximum purchase prices; $209,000 for existing homes, and $228,000 for new homes.

Income Limits
Household income is defined as all income received by household members (18 years or older) who will be living in the home, even if they are not on the mortgage.

1 person household: $43,050
2 person household: $49,200
3 person household: $55,350
4 person household: $61,500
5 person household: $66,450
6 person household: $71,350
7 person household: $76,300
8 person household: $81,200

(Note: These figures were accurate at the time of publication and may no longer be current - visit the program website for updated information.)

Down Payment Grants in Illinois

1stHomeIllinois is designed to help first-time homebuyers and veterans purchase. In addition to a 30-year fixed rate mortgage, applicants can receive a $7,500 down payment assistance grant. 

The Illinois Housing Development Authority introduced the @HomeIllinois program to offer individuals a variety of customizable options to combine a 30-year fixed rate mortgage with down payment assistance, making it affordable to purchase a home.

Chicago's City Council established the Chicago Home Buyer Assistance Program, which is designed to help its residents purchase their home by providing financial assistance for down payment and closing costs.

Alton’s Homeownership Program was established to boost homeownership in the city by offering down payment and closing cost assistance to income-eligible homebuyers.

With their Downpayment Plus Programsthe Federal Home Loan Bank of Chicago offers its members easy-to-access down payment and closing cost assistance programs for low- and moderate-income homebuyers.

Madison County in Illinois aims to increase home ownership in the area with the HOMEbuyer Program. This provides funds for down payment and closing costs to eligible individuals who can afford monthly mortgage payments, but not the hefty, upfront costs.

The City of Joliet, Illinois established the Joliet Down Payment Assistance Program, which is designed to help low-income applicants with down payment assistance to purchase their home.

In an effort to help individuals achieve their dreams of homeownership, the Kane-Elgin HOME Consortium has funded the First-Time Homebuyer Program which comes with the Kane County Down Payment Assistance Program.

The Town of Normal, Illinois offers the Homebuyer’s Down Payment Assistance Program, which is funded by the Community Development Block Grant program and covers a portion of the down payment for eligible applicants.

The Village of Romeoville offers residents the Homebuyer Assistance Program, also known as the Assist Program. It provides potential homebuyers with the Mortgage Credit Certificate (MCC) program, as well as funds to pay all or most of their closing costs and the down payment.

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