Rockford IL First Time Homebuyer Program

By
Real Estate Agent with Keller Williams Realty Signature

The ADDI Program provides six percent (6%) of the purchase price to be used as downpayment and/or closing cost assistance. The funding is provided as a five (5) year forgivable mortgage loan.  As long as the loan terms are met, no payments are required.

• Applicant must be a first-time homebuyer i.e. an individual and his or her spouse who have not owned a home during the three-year period prior to the purchase of a home with ADDI assistance.

Exceptions made for "displaced homemakers" as defined by the Department of Housing and Urban Development (HUD). The property must become the principal residence of the applicant.

• The applicant's household income (income of everyone over the age of 18) projected over the next year, must be at least $14,250 and must not exceed eighty percent (80%) of median income, as defined by HUD and subject to change annually. (See Projected Income Inclusions/Exclusions) 80% of Median income:

• The applicant must complete homebuyer's training offered through Rockford Area Affordable Housing Coalition (RAAHC) or complete the Rockford Housing Authority's Buying a Home Workshop prior to purchasing a property. For the purpose of the City programs, a Certificate expires 3 years from the date on the Certificate.

• The property must be located within the area bounded by Central Avenue on the west, Riverside on The north, the Rock River on the east, and Whitman/School Street on the south, and located in the City of Rockford. (See map & address ranges)

For more information on this and other city prgrams please feel free to contact me!

 

Posted by

Maria Haun

 

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