Alton’s Homeownership Assistance Initiative
To boost homeownership rates within the City of Alton and provide individuals with affordable pathways to becoming homeowners, the City of Alton’s Homeownership Program was established. This program is designed to offer down payment and closing cost assistance to income-eligible homebuyers, making it easier for them to achieve their dreams of owning a home.
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Available Assistance The City of Alton’s Homeownership Program offers down payment and closing cost assistance through a five-year, forgivable loan. The maximum loan amounts vary based on the applicants’ income levels. Low-Income buyers can receive up to $3,000 in assistance, while Very Low-Income qualified buyers may be eligible for up to $5,000. These funds are made available on a first-come, first-served basis, so potential homebuyers need to act promptly.
Eligibility Requirements To qualify for assistance funding from the program, applicants must meet specific requirements. Eligible individuals or households must have an annual income that falls below 80 percent of the area median income, as per the limits outlined below. Additionally, applicants must have a clean credit history for the past year. Applicants need to be able to contribute $1,000 towards the transaction, which can take the form of earnest money deposits, cash at closing, or a combination of both. Furthermore, applicants must secure a first mortgage with a fixed interest rate within 1 percent of the market rate. Completing a HUD-approved homebuyer counseling course is also a mandatory step in the process.
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Property Guidelines Properties purchased with assistance from the City of Alton’s Homeownership Program must meet certain guidelines. They should be located within the City of Alton, serve as the borrower’s primary residence, and must not exceed the program’s established purchase price limits.
Income Limits The program’s income limits are based on household income, which encompasses all income received by household members aged 18 or older, even if they are not on the mortgage. Here are the income limits:
- 1 person household: $37,600
- 2 person household: $43,000
- 3 person household: $48,350
- 4 person household: $53,700
- 5 person household: $58,000
- 6 person household: $62,300
- 7 person household: $66,600
- 8 person household: $70,900
These income limits help determine eligibility for the City of Alton’s Homeownership Program, ensuring that assistance is targeted toward those who need it most.
