Will-Grundy Habitat for Humanity Homeownership Program

What is 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.

Do you have to pay it back?

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.

Who qualifies?

Will-Grundy Habitat for Humanity 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?

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.

What kind of home can it be used for?

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.

Where does it apply?

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

How do you apply?

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.

1. 1

   Take a homebuyer education course

   Required by the program, through Required homeowner classes scheduled by Will-Grundy Habitat.

2. 2

   Contact Will-Grundy Habitat for Humanity to reserve funds

   Funds are reserved through Application-based; contact organization directly, 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.