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.

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HOMEbuyer Program

Financial Assistance for Homebuyers in Illinois

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. One of the largest obstacles in home ownership is having to make down payments, and the HOMEbuyer Program is meant to help get people out of the renters trap.

Eligibility Requirements
In order to be eligible for assistance via the HOMEbuyer Program, applicants fall within the low- or moderate-income bracket (shown below). They must also be first-time homebuyers purchasing single-family housing; either existing or newly-constructed, one to two unit family housing, and condominium units.

Income Limits
Households that qualify for HOMEbuyer Program assistance must have total household incomes that do not exceed 80% of area median income.

1 person household: $41,750
2 person household: $47,700
3 person household:  $53,650
4 person household: $59,650
5 person household: $64,400
6 person household: $69,150

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

Depending on the household income, Madison County’s HOMEbuyer Program offers financial assistance of up to $5,000 to fund the down payment and closing costs on applicants’ new homes. Eligible closing costs may include appraisal fees, credit report fees, and inspection fees, home buyer counseling fees, settlement and title fees, underwriting and processing fees.

HOMEbuyer Program applications must be submitted via a participating, Madison County lender.

Down Payment Grants in Illinois

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.

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