Romeoville’s Home Purchase Support Program

To promote homeownership and make it more accessible, the Village of Romeoville, in collaboration with neighboring communities, has launched the Homebuyer Assistance Program, also known as the Assist Program. This initiative aims to empower potential homebuyers by offering the Mortgage Credit Certificate (MCC) program along with financial support to cover closing costs and down payments.

Comprehensive Homeownership Support

The Assist Program provides a multi-faceted approach to assist aspiring homeowners in achieving their dreams. Here’s a closer look at the comprehensive support it offers:

1. Mortgage Credit Certificate (MCC) Program: The MCC program is a central component of the Assist Program. It significantly reduces the ongoing borrowing costs for homebuyers. Through this program, participants can benefit from tax credits, effectively lowering their annual tax liability.
2. Financial Assistance for Down Payment and Closing Costs: In addition to the MCC program, the Assist Program offers applicants financial aid equivalent to 3 percent of the loan amount. This financial support is specifically allocated to cover the down payment and the associated closing costs related to the mortgage.
3. First Mortgage with Favorable Terms: Homebuyers who participate in the Assist Program can secure a 30-year, fixed-rate first mortgage. This mortgage is compatible with FHA (Federal Housing Administration), VA (Veterans Affairs), or RD (Rural Development) loan options, ensuring favorable terms for the home purchase.

Eligibility Criteria

To ensure that the program serves its intended purpose effectively, certain eligibility requirements must be met by applicants:

• First-Time Homebuyers: The Assist Program is exclusively available to first-time homebuyers. Individuals who have previously owned a home within the last three years are not eligible. Additionally, the program is open to those looking to purchase a home for the first time or to refinance an existing mortgage.
• Income Limits: Household income plays a crucial role in determining eligibility. Income limits are established based on the size of the household and whether the property is located in a targeted or non-targeted area. These limits are designed to accommodate various family sizes and income levels, ensuring a broad reach.

Property Selection and Guidelines

The Assist Program maintains guidelines regarding the types of properties eligible for assistance:

• Primary Residence: Properties purchased through the Assist Program must serve as the primary residence of the applicant. This ensures that the program supports individuals in acquiring homes they intend to live in.
• Maximum Purchase Price: To align with affordability goals, the program sets maximum purchase price limits. These limits vary depending on whether the property is located in a targeted or non-targeted area. In non-targeted areas, the limit is $344,819, while in targeted areas, it extends to $421,446.
• Property Types: Eligible property types include new or existing single-family homes, townhomes, and condominiums. The program aims to provide flexibility in property selection to cater to diverse preferences.

Income Limits Based on Household Size and Area

Income limits are determined based on the size of the household and the classification of the property’s location as targeted or non-targeted. These limits are essential in ensuring that the program effectively reaches individuals with varying income levels and family sizes:

Non-Targeted Area:

• 1 or 2 person household: $79,432
• 3 or more person household: $91,347

Targeted Area:

• 1 or 2 person household: $92,280
• 3 or more person household: $107,660

By adhering to these eligibility criteria and property guidelines, aspiring homeowners can leverage the Assist Program to make their homeownership dreams a reality. The program not only facilitates access to affordable mortgages but also provides valuable support in covering down payments and closing costs, ensuring that the path to homeownership is more attainable for Romeoville residents.