HOME Buyer Down Payment Assistance Program

HOME Buyer Down Payment Assistance Program é um empréstimo perdoável para compradores de imóveis em Decatur, Illinois, administrado por 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. Os recursos vêm de Federal HOME Investment Partnerships Program; the division also administers CDBG.

HOME Buyer Down Payment Assistance Program oferece até $14,999 de ajuda. Contribuição do comprador de imóvel: 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. Os valores são os máximos publicados pelo programa, não uma oferta — City of Decatur, Economic and Community Development Department, Neighborhood Revitalization Division define qualquer ajuda individual.

HOME Buyer Down Payment Assistance Program é perdoado após 5 anos, então o comprador de imóvel que permanecer esse tempo não o devolve. O reembolso é acionado 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. A ajuda é registrada como ônus em posição Second. As condições de perdão e reembolso são definidas pelo programa e podem mudar — confirme-as na página oficial do programa antes de se inscrever.

HOME Buyer Down Payment Assistance Program é aberto a compradores do primeiro imóvel e compradores de imóveis que vão morar no imóvel como residência principal. “Primeiro imóvel” tem exceções aqui: 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. É exigido um curso de educação para compradores de imóveis, por meio de HUD-certified housing counseling agency (e.g., Community Investment Corporation of Decatur); must also attend a residential property maintenance class. Requisito de residência: 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 a renda familiar a 80% da renda mediana da região, que varia conforme o condado e o tamanho da família. 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. O limite vale para a renda total da família, não só a do mutuário. Os valores da renda mediana da região são publicados pelo HUD e atualizados todo ano, então confira a tabela atual do condado antes de se basear em um número.

HOME Buyer Down Payment Assistance Program limita o preço de compra a $120,000. Os tipos de imóvel elegíveis incluem Single Family. Construções novas não são elegíveis. Casas pré-fabricadas não são elegíveis.

HOME Buyer Down Payment Assistance Program atende compradores de imóveis que compram em Decatur, Illinois.

As inscrições para HOME Buyer Down Payment Assistance Program são feitas por meio de City of Decatur, Economic and Community Development Department, Neighborhood Revitalization Division, que publica as condições atuais e as etapas da inscrição no próprio site. Os recursos são reservados por meio de Funds are limited; not allocated or reserved until all required documentation is satisfied and an environmental review is completed. A Hey Prescott não é uma credora e não aceita inscrições; esta página descreve o programa para que um comprador de imóvel possa levá-lo a um credor ou a um conselheiro habitacional.