Habitat for Humanity of Danville Homeownership Program

What is Habitat for Humanity of Danville Homeownership Program?

Habitat for Humanity of Danville Homeownership Program is a first mortgage for homebuyers in Danville, Illinois, administered by Habitat for Humanity of Danville, Inc.

• Habitat for Humanity of Danville partners with income-eligible families (40%-80% AMI) to construct or renovate homes in Danville/Vermilion County. Families contribute 200 sweat equity hours, attend education, and purchase via a 0% interest 30-year mortgage capped at an affordable payment.
• 0% interest 30-year mortgage.
• Payment capped at affordable level.
• No cash down payment required.
• Homeownership education included.
• Funding comes from Habitat for Humanity of Danville private/nonprofit.

Do you have to pay it back?

Habitat for Humanity of Danville Homeownership Program is a first mortgage and is repaid under the terms set by Habitat for Humanity of Danville, Inc..

• Repayment is triggered by Sale, transfer, or refinance.
• The assistance is recorded in first 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 of Danville 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 of Danville 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.
• 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 of Danville Homeownership Program caps the purchase price as follows: Homes priced based on affordability; payment capped at 30% of gross monthly income.

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

Where does it apply?

Habitat for Humanity of Danville Homeownership Program serves buyers purchasing in Danville, Illinois.

How do you apply?

Applications for Habitat for Humanity of Danville Homeownership Program go through Habitat for Humanity of Danville, Inc., 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 of Danville workshops.

2. 2

   Contact Habitat for Humanity of Danville, Inc. to reserve funds

   Funds are reserved through Interest list; applications opened publicly when ready, 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.