Habitat for Humanity Greater Peoria Area Homeownership Program

What is Habitat for Humanity Greater Peoria Area Homeownership Program?

Habitat for Humanity Greater Peoria Area Homeownership Program is a first mortgage for homebuyers in Peoria, Illinois, administered by Habitat for Humanity Greater Peoria Area.

• Habitat for Humanity Greater Peoria Area builds new single-family homes in partnership with low-to-moderate income families. Selected Partner Families complete 250 sweat equity hours per adult and attend required workshops. Homes are sold at cost via a 0% interest nonprofit mortgage with monthly payments not to exceed 30% of gross monthly income.
• 0% interest mortgage.
• Affordable monthly payments.
• New construction home.
• Homeownership education.
• Sweat equity partnership model.
• Funding comes from Nonprofit — Habitat for Humanity donations and grants.

Do you have to pay it back?

Habitat for Humanity Greater Peoria Area Homeownership Program is a first mortgage and is repaid under the terms set by Habitat for Humanity Greater Peoria Area.

• The assistance is recorded in 1st position.
• Forgiveness and repayment terms are set by the program and can change — confirm them on the official program page before applying.

Who qualifies?

Habitat for Humanity Greater Peoria Area Homeownership Program is open to first-time homebuyers and buyers who will live in the home as their primary residence.

What are the income limits?

Habitat for Humanity Greater Peoria Area Homeownership Program limits household income to 80% of the area median income, which varies by county and household size.

• The limit applies to total household income, not only the borrower’s.
• The program lists a maximum household size of 8.
• Area median income figures are published by HUD and updated annually, so check the current table for the county before relying on a number.

What kind of home can it be used for?

Habitat for Humanity Greater Peoria Area Homeownership Program caps the purchase price as follows: Habitat builds new homes; typical size ~1,200 sq ft; price set by Habitat based on cost of construction.

• Eligible property types include Single Family.
• New construction is eligible.
• Manufactured homes are not eligible.

Where does it apply?

Habitat for Humanity Greater Peoria Area Homeownership Program serves buyers purchasing in Peoria, Illinois.

How do you apply?

Applications for Habitat for Humanity Greater Peoria Area Homeownership Program go through Habitat for Humanity Greater Peoria Area, which publishes the current terms and the application steps on its own site.

1. 1

   Take a homebuyer education course

   Required by the program, through Habitat for Humanity Greater Peoria Area in-house workshops.

2. 2

   Contact Habitat for Humanity Greater Peoria Area to reserve funds

   Funds are reserved with the provider and are subject to availability.

3. 3

   Work with a lender who handles the program

   Hey Prescott is not a lender and does not accept applications; this page describes the program so a buyer can take it to a lender or housing counselor.