Habitat for Humanity of Knox County Homeownership Program

Habitat for Humanity of Knox County Homeownership Program is a first mortgage for homebuyers in Galesburg, Illinois, administered by Habitat for Humanity of Knox County. Habitat for Humanity of Knox County builds new homes in partnership with low-income families in Galesburg and Knox County. Applicants must fall between 30% and 60% AMI and must have lived or worked in Knox County for at least 6 months. Selected families complete 500 sweat equity hours and attend required classes before closing. 0% to low-interest nonprofit mortgage. Affordable monthly payments. New construction home. Financial education classes. Funding comes from Nonprofit — Habitat for Humanity donations and grants.

Habitat for Humanity of Knox County Homeownership Program is a first mortgage and is repaid under the terms set by Habitat for Humanity of Knox County. 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 of Knox County Homeownership Program is open to homebuyers who will live in the home as their primary residence. On credit, the program states: Credit review conducted; no bankruptcies or foreclosures within past 2 years. A homebuyer education course is required, through Habitat for Humanity of Knox County in-house classes. Residency requirement: Must have lived or worked in Knox County for at least the past 6 months. Citizenship or immigration status: Follows Illinois Human Rights Act; does not discriminate based on immigration status. Income 30%-60% AMI. Out of bankruptcy/foreclosure 2+ years. Lived/worked in Knox County 6+ months. 500 sweat equity hours before closing.

Habitat for Humanity of Knox County Homeownership Program limits household income to 60% 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 of Knox County Homeownership Program caps the purchase price as follows: Homes built new by Habitat; price based on construction cost. Eligible property types include Single Family. New construction is eligible. Manufactured homes are not eligible.

Habitat for Humanity of Knox County Homeownership Program serves homebuyers purchasing in Galesburg, Illinois.

Applications for Habitat for Humanity of Knox County Homeownership Program go through Habitat for Humanity of Knox County, 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.