Will-Grundy Habitat for Humanity Homeownership Program

Will-Grundy Habitat for Humanity Homeownership Program is a first mortgage for homebuyers in Joliet and surrounding Will/Grundy County communities, Illinois, administered by Will-Grundy Habitat for Humanity. Will-Grundy Habitat for Humanity provides 0% interest mortgages on newly built or rehabbed affordable homes in Will and Grundy Counties, Illinois. Applicants must demonstrate housing need, ability to pay (income 50-80% AMI, housing payment <=30% gross income, debt <=13% income), and willingness to partner (500 sweat equity hours for 2+ adult families; 250 for single parent with children under 16). US citizen or permanent resident required. Credit history reviewed. Supported in part by $2.5M ARPA Building Will County Strong initiative. 0% interest mortgage. Payment capped at 30% of gross income. Sweat equity builds community and home knowledge. ARPA-funded program expanding capacity. Funding comes from Habitat for Humanity Will-Grundy organizational funds; ARPA funding (Will County — $2.5M for Building Will County Strong initiative); donations.

Will-Grundy Habitat for Humanity Homeownership Program is a first mortgage and is repaid under the terms set by Will-Grundy Habitat for Humanity. Repayment is triggered by Full repayment on sale; no shared appreciation stated. 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.

Will-Grundy Habitat for Humanity Homeownership Program is open to first-time homebuyers and homebuyers who will live in the home as their primary residence. "First-time" has exceptions here: Current homeowners ineligible (implied by housing need criteria). On credit, the program states: Must pay rent on time; no unpaid non-medical charge-offs; stable income last year; no bankruptcy in last 24 months. Specific credit score not stated. A homebuyer education course is required, through Required homeowner classes scheduled by Will-Grundy Habitat. Residency requirement: Will County or Grundy County, Illinois. Citizenship or immigration status: US Citizen or Permanent Resident. Must clear criminal background check. All adult household members (18+) must sign general release. Registered sex offenders ineligible. Multiple adults in home — all must be identified as buyers. Sweat equity hours mandatory. Must attend required homeowner classes. No bankruptcy in last 24 months.

Will-Grundy Habitat for Humanity 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&rsquo;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.

Will-Grundy Habitat for Humanity Homeownership Program caps the purchase price as follows: Purchase price = subsidized cost of Habitat-built or rehabbed home. Eligible property types include single-family (Habitat-built or rehabbed). New construction is eligible. Manufactured homes are not eligible.

Will-Grundy Habitat for Humanity Homeownership Program serves homebuyers purchasing in Joliet and surrounding Will/Grundy County communities, Illinois.

Applications for Will-Grundy Habitat for Humanity Homeownership Program go through Will-Grundy Habitat for Humanity, which publishes the current terms and the application steps on its own site. Funds are reserved through Application-based; contact organization directly. 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.