Joliet Down Payment Assistance Program
Financial Assistance for Homebuyers in Illinois
The Joliet Down Payment Assistance Program provides income-eligible applicants with down payment assistance in the form of a zero-interest, forgivable second mortgage, with a note and recapture agreement. Applicants can receive assistance funds between a minimum of $1,000 and a maximum of 20 percent of the purchase price of the home.
To be considered eligible for the program, all borrowers must meet certain requirements. Only applicants with a low annual household income—one that does not exceed 80 percent of the area median income—are eligible for down payments assistance (limits shown below). All applicants are responsible for completing 8 hours of homebuyer counseling from an HUD-approved agency. They are also required to contribute a minimum of $2,500 from their own funds toward the mortgage transaction.
Borrowers are required to hold ownership of any property being purchased with program funds, and it must serve as their primary residence. Eligible property types include single-family homes, townhouses, condominiums, and manufactured homes on a fixed foundation. Homes located in the 100-year flood plain or that are tenant-occupied are ineligible. The home must be located within the Joliet city limits, and must not exceed the program’s maximum purchase price limits.
Household income is defined as all income received by household members (18 years or older) who will be living in the home, even if they are not on the mortgage.
1 person household - $43,050
2 person household - $49,200
3 person household - $55,350
4 person household - $61,500
5 person household - $66,450
6 person household - $71,350
7 person household - $76,300
8 person household - $81,200
(Note: These figures were accurate at the time of publication and may no longer be current - visit the program website for updated information.)
Down payment assistance programs and/or grants were researched by the team at FHA.com. Please note that all programs listed on this website may involve a second mortgage with payments that are forgiven, deferred, or subsidized in some manner until resale of the mortgaged property.
FHA.com's compilation is not a complete list, but it can serve as a starting point in your search for the down payment assistance program or grant for your situation. It is up to the consumer to contact these entities and find out the specifics of each program.
Down Payment Grants in Illinois
1stHomeIllinois is designed to help first-time homebuyers and veterans purchase. In addition to a 30-year fixed rate mortgage, applicants can receive a $7,500 down payment assistance grant.
Alton’s Homeownership Program was established to boost homeownership in the city by offering down payment and closing cost assistance to income-eligible homebuyers.
Chicago's City Council established the Community Connections Home Buyer Assistance Program, which is designed to help its residents purchase their home by providing financial assistance for the down payment and closing costs.
With their Downpayment Plus Programs, the Federal Home Loan Bank of Chicago offers its members easy-to-access down payment and closing cost assistance programs for low- and moderate-income homebuyers.
Madison County in Illinois aims to increase home ownership in the area with the HOMEbuyer Program. This provides funds for down payment and closing costs to eligible individuals who can afford monthly mortgage payments, but not the hefty, upfront costs.
The City of Joliet, Illinois established the Joliet Down Payment Assistance Program, which is designed to help low-income applicants with down payment assistance to purchase their home.
In an effort to help individuals achieve their dreams of homeownership, the Kane-Elgin HOME Consortium has funded the First-Time Homebuyer Program which comes with the Kane County Down Payment Assistance Program.
The Town of Normal, Illinois offers the Homebuyer’s Down Payment Assistance Program, which is funded by the Community Development Block Grant program and covers a portion of the down payment for eligible applicants.
The Village of Romeoville offers residents the Homebuyer Assistance Program, also known as the Assist Program. It provides potential homebuyers with the Mortgage Credit Certificate (MCC) program, as well as funds to pay all or most of their closing costs and the down payment.
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