Rock Island County I-HOPE Down Payment Assistance

Rock Island County I-HOPE Down Payment Assistance is a forgivable loan for homebuyers in Rock Island County, Illinois, administered by Rock Island County Housing Finance Corporation (RICHFC) / Greater Metropolitan Area Housing Authority (GMAHA). Up to $35,000 in forgivable grant funds. One year of pre-purchase counseling included. County-wide coverage across Rock Island County. IHDA State Donation Tax Credit funded.

Rock Island County I-HOPE Down Payment Assistance offers up to $35,000 in assistance. The program can be combined with IHDA programs; Live-Work Rock Island. Amounts are the program's published maximums, not an offer — Rock Island County Housing Finance Corporation (RICHFC) / Greater Metropolitan Area Housing Authority (GMAHA) determines any individual award.

Rock Island County I-HOPE Down Payment Assistance is a forgivable loan, so the balance is forgiven once the program's conditions are met. The assistance is recorded in second position. Forgiveness and repayment terms are set by the program and can change — confirm them on the official program page before applying.

Rock Island County I-HOPE Down Payment Assistance is open to homebuyers who will live in the home as their primary residence. On credit, the program states: Must be able to obtain a mortgage with a lending institution after one year of pre-purchase counseling. A homebuyer education course is required, through GMAHA (one year of pre-purchase counseling and financial literacy coaching required). Residency requirement: Purchase in Rock Island County. Requires one full year of pre-purchase counseling and financial literacy coaching before closing. Offered in phases of ~25 families. Check with GMAHA/RICHFC for current phase availability. Contact gmaharic.org for application. Income limits not publicly specified — contact provider directly. [orig: assistance_amount: Up to $35,000; dpa_interest_rate: 0%].

Rock Island County I-HOPE Down Payment Assistance sets its income limit as follows: Low- to moderate-income families in Rock Island County; specific limits not published; contact GMAHA for current parameters. 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.

Rock Island County I-HOPE Down Payment Assistance caps the purchase price as follows: Single-family primary residence in Rock Island County. New construction is eligible. Manufactured homes are not eligible.

Rock Island County I-HOPE Down Payment Assistance serves homebuyers purchasing in Rock Island County, Illinois.

Applications for Rock Island County I-HOPE Down Payment Assistance go through Rock Island County Housing Finance Corporation (RICHFC) / Greater Metropolitan Area Housing Authority (GMAHA), which publishes the current terms and the application steps on its own site. Funds are reserved through 25 area families per phase; first-come, first-served. 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.