HOME Buyer Down Payment Assistance Program

HOME Buyer Down Payment Assistance Program è un prestito condonabile per chi compra casa in Decatur, Illinois, gestito da 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. I fondi provengono da Federal HOME Investment Partnerships Program; the division also administers CDBG.

HOME Buyer Down Payment Assistance Program offre un aiuto fino a $14,999. Contributo di chi compra casa: 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. Gli importi sono i massimi pubblicati dal programma, non un'offerta: è City of Decatur, Economic and Community Development Department, Neighborhood Revitalization Division a stabilire l'eventuale importo per ciascuna persona.

HOME Buyer Down Payment Assistance Program viene condonato dopo 5 anni, quindi chi resta nella casa per quel periodo non lo restituisce. Il rimborso scatta in caso di 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'aiuto è iscritto in posizione Second. Le condizioni di condono e di rimborso sono fissate dal programma e possono cambiare: verificale sulla pagina ufficiale del programma prima di fare domanda.

HOME Buyer Down Payment Assistance Program è aperto a chi compra la prima casa e chi compra casa e ci vivrà come residenza principale. Qui "prima casa" prevede delle eccezioni: 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. È richiesto un corso per chi compra casa, tramite HUD-certified housing counseling agency (e.g., Community Investment Corporation of Decatur); must also attend a residential property maintenance class. Requisito di residenza: 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 il reddito familiare al 80% del reddito mediano dell'area, che varia in base alla contea e alla dimensione del nucleo familiare. 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. Il limite si applica al reddito totale del nucleo familiare, non solo a quello del richiedente del mutuo. I dati sul reddito mediano dell'area sono pubblicati da HUD e aggiornati ogni anno, quindi controlla la tabella attuale della contea prima di basarti su una cifra.

HOME Buyer Down Payment Assistance Program fissa un prezzo di acquisto massimo di $120,000. I tipi di immobile idonei includono Single Family. Le nuove costruzioni non sono idonee. Le case prefabbricate non sono idonee.

HOME Buyer Down Payment Assistance Program si rivolge a chi compra casa in Decatur, Illinois.

Le domande per HOME Buyer Down Payment Assistance Program passano da City of Decatur, Economic and Community Development Department, Neighborhood Revitalization Division, che pubblica sul proprio sito le condizioni attuali e i passaggi per fare domanda. I fondi vengono prenotati tramite Funds are limited; not allocated or reserved until all required documentation is satisfied and an environmental review is completed. Hey Prescott non è un istituto di credito e non accetta domande; questa pagina descrive il programma perché chi compra casa possa parlarne con un istituto di credito o un consulente abitativo.