Affordable Homeownership Made Possible: Normal Homebuyer’s Down Payment Program
Recognizing the financial barriers that often prevent individuals from transitioning from renting to homeownership, the Town of Normal has introduced the Homebuyer’s Down Payment Assistance Program. This initiative, funded through the Community Development Block Grant program, is designed to alleviate some of the upfront costs associated with purchasing a new home, making homeownership more accessible to eligible applicants.
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Available Assistance
Under the Homebuyer’s Down Payment Assistance Program, eligible applicants can receive a grant of up to $3,000. This grant is specifically intended to assist with covering the down payment and related closing costs associated with the mortgage transaction. Upon receiving this assistance, a second mortgage is placed on the applicant’s home. Notably, this second mortgage does not accrue interest, and there are no monthly payments required. Over five years, 20 percent of the loan amount is forgiven each year, making it a more manageable financial commitment for homeowners.
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Eligibility Requirements
One distinctive feature of this program is that it does not mandate that applicants be first-time homebuyers. However, there are specific criteria that must be met to qualify. To be eligible, individuals must fall within the program’s maximum income limits, which are determined based on household size. Additionally, the home being purchased with program funds must be the applicant’s primary residence and located within the Town of Normal. It’s important to note that mobile homes are not eligible for assistance under this program.
Income Limits
Household income, in this context, encompasses all earnings received by household members aged 18 or older, even if they are not listed on the mortgage. The income limits for eligibility are as follows:
- 1 person household: $46,000
- 2 person household: $52,600
- 3 person household: $59,150
- 4 person household: $65,700
- 5 person household: $71,000
- 6 person household: $76,250
- 7 person household: $81,500
- 8 person household: $86,750
These income limits are instrumental in ensuring that the program benefits individuals and families who genuinely need assistance in achieving their homeownership dreams.
