Homebuyer Assistance

Homebuyer Assistance is a grant for homebuyers in Romeoville, Illinois. The Village of Romeoville Homebuyer Assistance program is delivered through the multi-jurisdictional Monarch Assist Homeownership Program. Eligible first-time homebuyers purchasing a primary residence within Romeoville receive (a) a below-market fixed-rate first mortgage plus a non-repayable cash gift equal to 3% of the first-mortgage amount applied toward down payment and closing costs, and (b) an MCC providing an annual federal income tax credit equal to 25% of mortgage interest paid (capped at $2,000/year) for the life of the loan. The program is funded through tax-exempt mortgage revenue bonds and IRS MCC authority. Two-pronged homeownership benefits via the Monarch Assist Homeownership Program (sponsored by the Village of Romeoville and partner Illinois communities): (1) below-market fixed-rate first-mortgage loan plus a non-repayable cash gift equal to 3% of the first mortgage amount that may be used for down payment and closing costs. and (2) federal Mortgage Credit Certificate (MCC) entitling the borrower to an annual federal income tax credit equal to 25% of the mortgage interest paid (capped at $2,000/year) for the life of the loan. 640 minimum FICO per Assist program guidance. Funding comes from State Tax-Exempt Bonds, Federal MCC, and Local Government.

Homebuyer Assistance is structured as a grant, so it is not repaid. Repayment is triggered by 3% cash gift is non-repayable (not a loan) and MCC tax credit continues for the life of the loan as long as the property remains the borrower's primary residence and the loan is not refinanced. Federal tax-credit recapture may apply if the property is sold within 9 years and certain income/gain thresholds are exceeded (IRS rules). The assistance is recorded in 1 position. Forgiveness and repayment terms are set by the program and can change — confirm them on the official program page before applying.

Homebuyer Assistance is open to first-time homebuyers and homebuyers who will live in the home as their primary residence. "First-time" has exceptions here: First-time homebuyer = no homeownership in prior 3 years; targeted-area exception waives first-time-homebuyer rule per IRS targeted-area definitions. On credit, the program states: 640 minimum (Monarch Assist guidance; first-mortgage product credit-score minimums also apply). A homebuyer education course is required, through HUD-approved housing counseling agency; pre-purchase homebuyer education required (Monarch Assist requirement). Residency requirement: Property must be located within the Village of Romeoville, IL, and serve as borrower's principal residence. Citizenship or immigration status: U.S. citizen or eligible non-citizen per first-mortgage product rules. Applicant must not have owned a home in the prior 3 years (first-time-homebuyer rule, with exceptions per program). Household income within Monarch Assist non-targeted area limits ($112,100 1-2 persons / $128,915 3+ persons) or targeted-area limits ($134,520 1-2 persons / $156,940 3+ persons). Property must be a new or existing owner-occupied single-family home, townhome, or condominium within the Village of Romeoville and must serve as the borrower's principal residence (no refinances). Purchase price must be within Monarch Assist limits ($510,939 non-targeted / $624,481 targeted). Borrower must qualify for first-mortgage loan and use property as primary residence. 640 minimum FICO per Assist guidance.

Homebuyer Assistance limits household income to $156,940. 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.

Homebuyer Assistance caps the purchase price at $624,481. Eligible property types include Single-family detached, Townhome, and Condominium. New construction is eligible. Manufactured homes are not eligible.

Homebuyer Assistance serves homebuyers purchasing in Romeoville, Illinois. The program targets specific areas: Targeted area designations follow IRS Section 143(j) targeted-area definitions; higher purchase price and income limits apply in IRS-designated targeted census tracts within Romeoville.

Applications for Homebuyer Assistance go through the administering agency, which publishes the current terms and the application steps on its own site. Funds are reserved through Borrower contacts Monarch Assist program administrator (Angela Conover, 312-664-5656) and a participating lender; reservations made on a first-come, first-served basis via the Monarch Assist portal. 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.