We've waited since February, we've driven buy, we've watched, we've wondered when it will be finished, but finally the wait is ending. Tomorrow at two o'clock my wonderful first time buyers will close on their newly rehabbed Romeoville home. And by purchasing through the Will County Neighborhood Stabilization Program, they will be getting $39,900 in down payment assistance at the closing table!
This nice chunk of change is from an allocation of $1.56 Million that Will County received as a part of the Housing and Economic Recovery Act of 2008. With these monies, the county purchases, rehabilitates and resells homes to buyers who qualify to participate in the program.
The goal is to help clear the glut of Will County bank owned homes in targeted areas and to increase the affordability of homes for Will County home buyers whose adjusted gross household income falls below 120% of the average median income for the area. The buyer need not be a "first-timer" to qualify, however, additional funds are available to first time buyers who fall below 80% of the average median income.
The homes are resold for the cost of acquisition plus the actual cost of rehabbing the home, there is no profit for the county and the funds are recycled back into the program to purchase additional homes.
My buyers who are closing tomorrow selected a home that the county had purchased and had started to rehab, however, I am working with another NSP buyer who is not interested in anything the county already owns. As a part of the program, we can go shopping for a Will County bank owned home that suits her needs. Will County will then buy the home, rehab it and resell it to her.
As I drive to the closing tomorrow, I know that my buyers are thrilled to be closing on their first home, they feel fortunate to be getting down payment assistance and the neighborhood will be enhanced by two terrific new homeowners who will lovingly care for a home that was once sitting vacant and neglected. I'd say it is a win for all involved!
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If you are a Will County homebuyer and would like more information about the Will County Neighborhood Stabilization Program, give me a call at 815-207-9703 or shoot me an email at lorigilmore(at)comcast.net and I will send you the particulars of the program and well as the map of eligible areas.
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Lori Gilmore is a full time agent with Realty Executives Success and provides professional real estate services in Joliet, Plainfield, Crest Hill, Shorewood, Lockport, New Lenox and througout Will County, Illinios.
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