Kane County First-Time Homebuyer Deferred Loan Program (Kane-Elgin HOME Consortium)

Kane County First-Time Homebuyer Deferred Loan Program (Kane-Elgin HOME Consortium) es un segundo préstamo diferido para compradores de vivienda en Elgin, Illinois, a cargo de Kane County Office of Community Reinvestment (Kane-Elgin HOME Consortium). Through the Kane-Elgin HOME Consortium, Kane County's Office of Community Reinvestment offers eligible first-time homebuyers a 0 percent deferred-payment second mortgage of up to $10,000 toward down payment and customary closing costs. The Program Area expressly includes all of the City of Elgin, including the portion in Cook County. The loan is not a grant or forgivable loan; the full amount is repaid out of net proceeds when the home is sold, title is transferred, or it ceases to be the borrower's primary residence (with a 5-year HUD affordability period). Applicants must be at or below 80 percent AMI, complete HUD-certified counseling, contribute at least 1 percent of the purchase price, and buy within the program area. Up to $10,000 in down payment and closing cost assistance. 0 percent interest. No monthly payments (deferred). Borrower chooses their own lender. Covers all of the City of Elgin including the Cook County portion. Los fondos provienen de Federal HOME Investment Partnerships Program (Kane-Elgin HOME Consortium).

Kane County First-Time Homebuyer Deferred Loan Program (Kane-Elgin HOME Consortium) ofrece hasta $10,000 de ayuda. Aporte del comprador de vivienda: Applicant must contribute a minimum down payment of at least 1 percent of the purchase price from own funds (earnest money); lender may require more. El programa se puede combinar con An additional up to $10,000 is available if the home is within the city limits of St. Charles (not applicable to Elgin). Los montos son los máximos publicados por el programa, no una oferta: Kane County Office of Community Reinvestment (Kane-Elgin HOME Consortium) determina cualquier ayuda individual.

Kane County First-Time Homebuyer Deferred Loan Program (Kane-Elgin HOME Consortium) es diferido, así que no hay pagos hasta que la vivienda se venda o se refinancie, o se termine de pagar la primera hipoteca. El reembolso se activa por Loan is due in full out of net proceeds when the home is sold, title is transferred, or the household no longer occupies the home as its primary residence. 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.

Kane County First-Time Homebuyer Deferred Loan Program (Kane-Elgin HOME Consortium) 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 not having owned a home in the last 3 years. Se requiere un curso de educación para compradores de vivienda, a través de HUD-certified housing counseling agency of buyer's choice with customized counseling (online/group courses alone do not qualify). Local agencies: The Neighbor Project (Aurora); Consumer Credit Counseling Service of Northern Illinois (Elgin); DuPage Homeownership Center (Wheaton). Requisito de residencia: Must currently live or work full-time in Kane County and the Kane-Elgin Consortium Area, and have done so for at least one year before the application date. Complete HUD-certified homebuyer counseling (customized; online/group-only courses do not qualify) before signing a purchase contract. A required Real Estate Sales Contract Rider must be signed and attached to the initial offer or the property is ineligible. Contract closing date must be 35-plus days from execution. Property must pass county general and visual lead inspections. No cash back to buyer; no other debt paid at closing. Front-end housing ratio 25-32 percent; back-end DTI cap 50 percent. Assistance amount may be reduced after asset/cash-reserve review. GAP: minimum credit score not stated (no credit-score requirement found). GAP: max liquid assets not a hard cap (reviewed case-by-case). GAP: annual funding cap / reservation system not published. GAP: HUD AMI year/MSA not stated; income limits dated effective 6/15/23. GAP: provider phone not listed on program docs (contact by email). Note: the City of Elgin does not run a separate standalone DPA program; its DPA is delivered through this Kane-Elgin HOME Consortium program.

Kane County First-Time Homebuyer Deferred Loan Program (Kane-Elgin HOME Consortium) limita el ingreso del hogar al 80% del ingreso mediano del área, que varía según el condado y el tamaño del hogar. Household income (HUD-projected gross, adjusted for household size) must not exceed federal limits. Effective 6/15/23: 1 $61,800; 2 $70,600; 3 $79,450; 4 $88,250; 5 $95,350; 6 $102,400; 7 $109,450; 8-plus $116,050. Front-end housing ratio 25-32 percent; back-end ratio not exceeding 50 percent. 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.

Kane County First-Time Homebuyer Deferred Loan Program (Kane-Elgin HOME Consortium) limita el precio de compra a $287,000. Los tipos de propiedad elegibles incluyen Single Family, Condo y Townhouse. La construcción nueva es elegible. Las viviendas prefabricadas no son elegibles.

Kane County First-Time Homebuyer Deferred Loan Program (Kane-Elgin HOME Consortium) atiende a compradores de vivienda que compran en Elgin, Illinois. El programa se dirige a áreas específicas: Kane-Elgin Consortium Area: all of Kane County except Aurora, Algonquin, Barrington Hills, Bartlett, Hampshire, Huntley, Hoffman Estates, Montgomery, and the DuPage portion of Wayne; plus all of the City of Elgin (including its Cook County portion), all of the Village of Maple Park, and all of the City of St. Charles.

Las solicitudes de Kane County First-Time Homebuyer Deferred Loan Program (Kane-Elgin HOME Consortium) se tramitan a través de Kane County Office of Community Reinvestment (Kane-Elgin HOME Consortium), que publica los términos vigentes y los pasos de la solicitud en su propio sitio. 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.