Kane County First-Time Homebuyer Program
Financial Assistance for Homebuyers in Illinois
The First-Time Homebuyer Program provides income-eligible applicants up to $10,000 in assistance funds to be put toward down payment and closing cost assistance to first-time homebuyers. This comes in the form of a zero-interest, deferred payment second mortgage payable to Kane County. The amount is due for repayment in the case of sale or transfer of the home, or when it no longer serves as the applicant’s primary residence.
All applicants need to meet certain requirements in order to be eligible for the Kane County Down Payment Assistance Program. The program is only available to first-time homebuyers—those who have not owned a home in the last three years—who have been residents of Kane County for the last year. Applicants must fall within the program’s income limits; the annual household income cannot exceed 80 percent of the area median income (limits shown below).
Any home being purchased with program funds must serve as the borrower’s primary residence, and must be located in Kane County and portion of the City of Elgin in Cook County. Eligible property types include single family detached homes, condominiums, and townhomes; manufactured homes are not eligible. The property must not exceed the program’s maximum purchase prices; $209,000 for existing homes, and $228,000 for new homes.
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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