Habitat for Humanity of McLean County Homeownership Program

What is Habitat for Humanity of McLean County Homeownership Program?

Habitat for Humanity of McLean County Homeownership Program is a first mortgage for homebuyers in Bloomington; Normal, Illinois, administered by Habitat for Humanity of McLean County.

• Habitat for Humanity of McLean County provides 0% interest mortgages on newly built affordable homes in the Bloomington-Normal area (McLean County), Illinois. Families are selected by volunteer committee based on housing need, willingness to partner (sweat equity), and ability to pay. A multi-church partnership model involves multiple faith communities in construction.
• 0% interest mortgage.
• Community-built with faith-community partnerships.
• Sweat equity involvement.
• Affordable payment structure.
• Funding comes from Habitat for Humanity of McLean County organizational funds, church partnerships, donations.

Do you have to pay it back?

Habitat for Humanity of McLean County Homeownership Program is a first mortgage and is repaid under the terms set by Habitat for Humanity of McLean County.

• Repayment is triggered by Full repayment on sale; payments fund future Habitat homes.
• The assistance is recorded in First lien 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 McLean County 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 McLean County 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 McLean County Homeownership Program caps the purchase price as follows: Purchase price = subsidized cost of Habitat-built home.

• Eligible property types include single-family (Habitat-built).
• New construction is eligible.
• Manufactured homes are not eligible.

Where does it apply?

Habitat for Humanity of McLean County Homeownership Program serves buyers purchasing in Bloomington; Normal, Illinois.

How do you apply?

Applications for Habitat for Humanity of McLean County Homeownership Program go through Habitat for Humanity of McLean County, 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 Homeowner classes required (organization-specific); contact Habitat McLean County for details.

2. 2

   Contact Habitat for Humanity of McLean County to reserve funds

   Funds are reserved through Application-based; contact organization at 309-827-3931 for current openings, 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.