HOME Buyer Down Payment Assistance Program

HOME Buyer Down Payment Assistance Program es un préstamo condonable para compradores de vivienda en Decatur, Illinois, a cargo de City of Decatur, Economic and Community Development Department, Neighborhood Revitalization Division. The City of Decatur's HOME Buyer Down Payment Assistance Program provides up to $14,999 in down payment and closing cost assistance to low- and moderate-income homebuyers purchasing a single-family detached home within the City of Decatur corporate limits. Assistance is a 0 percent interest, five-year deferred forgivable loan secured by a second mortgage, forgiven in full after the owner occupies the home as a principal residence for 60 months. The program is funded through the federal HOME Investment Partnerships Program. Applicants must secure first-mortgage financing from a participating lender, complete HUD-certified counseling, and attend a residential property maintenance class. Up to $14,999 toward down payment and closing costs. 0 percent interest, no monthly payments. Forgiven in full after 5 years of owner-occupancy. Repaid only from net sale proceeds on a covered sale (excess forgiven). No prepayment penalty. Los fondos provienen de Federal HOME Investment Partnerships Program; the division also administers CDBG.

HOME Buyer Down Payment Assistance Program ofrece hasta $14,999 de ayuda. Aporte del comprador de vivienda: Applicant must provide a minimum 2 percent down payment (earnest) from their own funds (no gifts, loans, or grants) and demonstrate at least $1,000 toward down payment, insurance, and other costs. Los montos son los máximos publicados por el programa, no una oferta: City of Decatur, Economic and Community Development Department, Neighborhood Revitalization Division determina cualquier ayuda individual.

HOME Buyer Down Payment Assistance Program se perdona después de 5 años, así que un comprador de vivienda que se quede ese tiempo no lo devuelve. El reembolso se activa por Repayment of the unforgiven portion is triggered within the 5-year recapture period by sale/transfer for consideration; the home ceasing to be the principal residence or conversion to rental; refinancing other than a permitted refinancing; or default. The loan is forgiven in full after 60 months of owner-occupancy. La ayuda se registra con un gravamen en posición Second. Los términos de condonación y reembolso los fija el programa y pueden cambiar; confírmalos en la página oficial del programa antes de presentar la solicitud.

HOME Buyer Down Payment Assistance Program está abierto a compradores de vivienda por primera vez y compradores de vivienda que vivirán en la vivienda como su residencia principal. “Primera vez” tiene excepciones aquí: First-time homebuyer defined as no ownership interest in a principal residence during the 3 years prior to application; displaced homemakers are exempt from the waiting period. Se requiere un curso de educación para compradores de vivienda, a través de HUD-certified housing counseling agency (e.g., Community Investment Corporation of Decatur); must also attend a residential property maintenance class. Requisito de residencia: Property must be within the City of Decatur corporate limits. Retirement assets (IRA/401K) excluded from the $50,000 asset limit but cannot exceed $75,000. Maximum front-end housing ratio 30 percent; back-end ratio 42 percent. Three years of signed federal income tax returns required for each borrower and all occupants 18-plus. City of Decatur named additional insured on title and hazard insurance. Applicant cannot owe the City any fines, fees, or taxes. Subordination permitted only once during the affordability period for a rate-and-term refinance (rate at least 1 percent lower; no cash-out). GAP: minimum credit score not stated. GAP: annual funding cap not stated. GAP: exact per-applicant amount not stated (need-based). GAP: required mortgage term not specified. GAP: the manual income table is labeled FY2024 while the 2025-2026 flyer publishes higher limits (4-person $73,300, used here).

HOME Buyer Down Payment Assistance Program limita el ingreso del hogar al 80% del ingreso mediano del área, que varía según el condado y el tamaño del hogar. Household income at or below 80 percent of HUD area median income, by household size. FY2025-2026 limits: 1 $51,350; 2 $58,650; 3 $66,000; 4 $73,300; 5 $79,200; 6 $85,050; 7 $90,900; 8 $96,800. Income includes all adults 18-plus who will live in the home. El límite se aplica al ingreso total del hogar, no solo al del prestatario. Las cifras del ingreso mediano del área las publica HUD y se actualizan cada año, así que consulta la tabla vigente del condado antes de basarte en una cifra.

HOME Buyer Down Payment Assistance Program limita el precio de compra a $120,000. Los tipos de propiedad elegibles incluyen Single Family. La construcción nueva no es elegible. Las viviendas prefabricadas no son elegibles.

HOME Buyer Down Payment Assistance Program atiende a compradores de vivienda que compran en Decatur, Illinois.

Las solicitudes de HOME Buyer Down Payment Assistance Program se tramitan a través de City of Decatur, Economic and Community Development Department, Neighborhood Revitalization Division, que publica los términos vigentes y los pasos de la solicitud en su propio sitio. Los fondos se reservan a través de Funds are limited; not allocated or reserved until all required documentation is satisfied and an environmental review is completed. Hey Prescott no es un prestamista y no acepta solicitudes; esta página describe el programa para que un comprador de vivienda pueda llevarlo a un prestamista o a un asesor de vivienda.