Schaumburg First Time Home Buyer Program
Yes, it's true and I've used it with a Schaumburg buyer. It was very easy to do and many first time buyers do not realize that this kind of help is available (neither do Realtors). I'm living proof that the program exists and I've got one happy buyer that was grateful for the help. There are guidelines that you must qualify for and you must live in the property for 5 years.
Schaumburg has identified in the Community Development Block Grant (CDBG) Program that a first time homebuyer's program is needed to increase homeownership opportunities. CDBG are funds allocated to the Village as part of an annual grant from the Department of Housing and Urban Development (HUD).
Schaumburg can provide a forgivable loan up to a maximum of $10,000 towards closing costs, down payment assistance, and other associated costs.
- Village will pay reasonable closing costs and up to 50% of the down payment.
- Applicant must provide a minimum of $1,000 for down payment costs.
- Maximum down payment allowed is 20% of purchase price.
- Loan will be forgiven at a rate of 1/60th per month over a five year period.
- Applicants must income qualify (see chart with 2016 stats)
- Applicants must have not owned a home in the past three years
- Assets must not exceed $60,000
- Applicant must qualify for first mortgage financing from a financial institution
- Applicant must find a home within the corporate limits of Schaumburg
- Eligible properties must undergo a home inspection and lead-based paint inspection if home was built prior to 1978 - In my buyers case the village paid for the lead based paint inspection and the house came up negative.
- Property to be purchased must have a clear and free title
- Approved applicants must attend housing counseling (seminar)
Want to work with an area expert that can help buyers get into a Schaumburg Home? I welcome the opportunity to work with you and talk about the possibilities.