DuPage County Down Payment Assistance
About a month ago, I wrote about the Neighborhood Stabilization Program as it pertained to Will County, Illinois.
Lyn Sims (Re/Max Suburban in Schaumburg, IL) has provided great information in detail regarding another county in Illinois .. DuPage County. For those thinking of buying a home within this area, Lyn's article is a must-read.
For further information, or to view a home that is a participant in the re-habbing aspect of this program ... please contact Lyn Sims or click on the links that she has so generously provided for your convenience and assistance.
As always, for lending information ... feel free to ask me questions via any communication.
Thank you ...
Gene
Down Payment Assistance and Home Ownership Opportunity in DuPage County IL
Neighborhood Stabilization Program (NSP)
DuPage County is purchasing bank-owned foreclosed homes and rehabbing them for sale to qualified buyers, who would be willing tolive in the house. This owner-occupied new program includes a special financing plan that can save you money and help you get the home of your dreams.
How does it work?
- Borrower must qualify for a purchase price of at least $100,000
- Tax impound account required
- Term of 15, 20 or 30 years
- Fixed rate, must be reasonable
- Fully amortized
- Renovation loans not allowed (203K)
- Lenders not on the Authorities Participating Lender List will need to submit a copy of the Good Faith Estimate (GFE) and Commitment Letter to the Authority at time of first mortgage loan application for approval & review.
There are income requirements! 1 person is $63,350 gross maximum while a 8 person household is $119,450 maximum income level. (See guidelines sheet).
Buyers need to make a minimum downpayment of $1000 from their own funds (no gifts) plus the required closing costs.
Education requirement - Borrower must complete an 8 hour home buyer education seminar, home maintenance class and budgeting class provided by the Authority.
Credit score minimum's of 660.
2 months reserves for borrower required.
Assistance Amount - 17% of the purchase price with no interest.
You will need a Realtor (me!!!) to show you these homes or to be sure they are still available. This is a tremendous opportunity and when the funds are used up the program is gone.
NSP Guidelines
Properties AvailableFrequently Asked Questions
Please call Lyn Sims for this down payment assistance and home ownership opportunity for DuPage County in IL!
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