Joliet’s Helping Hand: The Down Payment Assistance Program
Empowering Homeownership in Joliet, Illinois
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Recognizing the hurdles that many first-time homebuyers face when it comes to the initial costs of a mortgage transaction, the City of Joliet, Illinois has taken a significant step to make homeownership more accessible. The Joliet Down Payment Assistance Program has been established with the specific goal of providing much-needed support to low-income individuals and families looking to purchase their first homes.
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The Joliet Down Payment Assistance Program offers a lifeline to income-eligible applicants in the form of down payment assistance. This assistance is provided through a zero-interest, forgivable second mortgage, accompanied by a note and recapture agreement. Applicants have the opportunity to receive financial support ranging from a minimum of $1,000 to a maximum of 20 percent of the home’s purchase price.
Eligibility Requirements
To qualify for this program, prospective borrowers must meet certain criteria. Eligibility is reserved for those with a low annual household income, defined as not exceeding 80 percent of the area median income (as indicated below). Additionally, all applicants are required to complete 8 hours of homebuyer counseling from an HUD-approved agency. To demonstrate commitment, applicants must contribute a minimum of $2,500 from their personal funds towards the mortgage transaction.
Property Guidelines
Those who benefit from this program are obliged to hold ownership of the property being purchased, and it must serve as their primary residence. Eligible property types encompass single-family homes, townhouses, condominiums, and manufactured homes on a fixed foundation. Properties situated in the 100-year flood plain or those that are tenant-occupied do not qualify. It’s essential to note that the property must be located within the city limits of Joliet and must adhere to the program’s maximum purchase price limits.
Income Limits
Household income is defined as the combined income received by all household members aged 18 or older who will reside in the home, regardless of whether they are listed on the mortgage. The income limits based on household size are as follows:
- 1 person household: $43,050
- 2 person household: $49,200
- 3 person household: $55,350
- 4 person household: $61,500
- 5 person household: $66,450
- 6 person household: $71,350
- 7 person household: $76,300
- 8 person household: $81,200
With the Joliet Down Payment Assistance Program, the dream of homeownership becomes attainable for those who need it most. Take the first step towards securing your future and building a home in the vibrant community of Joliet.
