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.

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.

Habitat for Humanity Greater Peoria Area Homeownership Program is open to first-time homebuyers and homebuyers who will live in the home as their primary residence. "First-time homebuyer" usually means not having owned a home in the last three years, but the program sets its own definition. On credit, the program states: No co-signers accepted; good or no credit preferred; must be out of bankruptcy at least 2 years. A homebuyer education course is required, through Habitat for Humanity Greater Peoria Area in-house workshops. Residency requirement: Must demonstrate need for housing in the Greater Peoria area. Citizenship or immigration status: U.S. Citizens or Legal Permanent Residents. Must not have filed bankruptcy within past 2 years. No co-signers. All adults 18+ complete 250 sweat equity hours. Income range 50%-80% AMI.

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.

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.

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

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