HOME Buyer Down Payment Assistance Program

HOME Buyer Down Payment Assistance Program est un prêt annulable pour les futurs propriétaires de Decatur, Illinois, sous la gestion 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. Le financement provient de Federal HOME Investment Partnerships Program; the division also administers CDBG.

HOME Buyer Down Payment Assistance Program offre jusqu’à $14,999 d’aide. Apport du futur propriétaire : 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. Les montants sont les plafonds publiés par le programme, et non une offre — City of Decatur, Economic and Community Development Department, Neighborhood Revitalization Division décide de chaque aide individuelle.

HOME Buyer Down Payment Assistance Program est annulé après 5 ans : un futur propriétaire qui reste aussi longtemps n’a rien à rembourser. Le remboursement est déclenché par 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. L’aide est inscrite au rang suivant : Second. Les conditions d’annulation et de remboursement sont fixées par le programme et peuvent changer — vérifiez-les sur la page officielle du programme avant de déposer une demande.

HOME Buyer Down Payment Assistance Program est ouvert à les primo-accédants et les futurs propriétaires qui occuperont le logement comme résidence principale. « Primo-accédant » comporte ici des exceptions : 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. Un cours pour futurs propriétaires est obligatoire, auprès de HUD-certified housing counseling agency (e.g., Community Investment Corporation of Decatur); must also attend a residential property maintenance class. Condition de résidence : 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 plafonne le revenu du ménage à 80 % du revenu médian de la zone, qui varie selon le comté et la taille du ménage. 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. Le plafond s’applique au revenu total du ménage, pas seulement à celui de l’emprunteur. Les chiffres du revenu médian de la zone sont publiés par HUD et mis à jour chaque année : consultez le tableau en vigueur pour le comté avant de vous fier à un chiffre.

HOME Buyer Down Payment Assistance Program plafonne le prix d’achat à $120,000. Les types de logements admissibles comprennent Single Family. Les constructions neuves ne sont pas admissibles. Les maisons préfabriquées ne sont pas admissibles.

HOME Buyer Down Payment Assistance Program s’adresse aux futurs propriétaires qui achètent à Decatur, Illinois.

Les demandes pour HOME Buyer Down Payment Assistance Program passent par City of Decatur, Economic and Community Development Department, Neighborhood Revitalization Division, qui publie les conditions en vigueur et les étapes de la demande sur son propre site. Les fonds sont réservés par l’intermédiaire de Funds are limited; not allocated or reserved until all required documentation is satisfied and an environmental review is completed. Hey Prescott n’est pas un prêteur et n’accepte pas de demandes ; cette page décrit le programme pour qu’un futur propriétaire puisse en parler à un prêteur ou à un conseiller en logement.