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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Romeoville Assist Program

Financial Assistance for Homebuyers in Illinois

In an effort to boost homeownership, the Village of Romeoville partnered with other communities to offer residents the Homebuyer Assistance Program, also known as the Assist Program. This program 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.

Available Assistance
In addition to the MCC program that reduces the homebuyer’s ongoing cost of borrowing, the Assist Program offers applicants 3 percent of the loan amount to be put toward covering the down payment and closing costs aVissociated with the mortgage. These funds come in the form of grant, in conjunction with a FHA/VA/RD, 30-year, fixed rate first mortgage.

Eligibility Requirements
In order to be considered eligible for the Assist Program, all applicants need to meet certain requirements. The program is only available for first-time homebuyers; individuals who have owned a home in the last three years, or those looking to refinance are cannot qualify. Applicants’ annual household income must also fall within the program’s income limits, which vary based on household size, and whether the home is located in a targeted or non-targeted area (limits shown below).

Property Guidelines
Any property being purchased must serve as the applicant’s primary residence, and must not exceed the program’s maximum purchase price limits (Non-Targeted area: $344,819; Targeted area: $421,446). Eligible property types include new or existing, owner-occupied single family homes, townhomes and condominiums.

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.

Non-Targeted Area:
1 or 2 person household: $79,432
3 or more person household: $91,347

Targeted Area:
1 or 2 person household: $92,280
3 or more person household: $107,660

(Note: These figures were accurate at the time of publication and may no longer be current - visit the program website for updated information.)
 
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Down payment assistance programs and/or grants were researched by the team at FHA.com. Please note that all programs listed on this website may involve a second mortgage with payments that are forgiven, deferred, or subsidized in some manner until resale of the mortgaged property.

FHA.com's compilation is not a complete list, but it can serve as a starting point in your search for the down payment assistance program or grant for your situation. It is up to the consumer to contact these entities and find out the specifics of each program.

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. 

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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