Taking the Leap into Homeownership with Kane County’s Program
Turning Dreams of Homeownership into Reality
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Are you ready to make your dream of owning a home a reality? The Kane-Elgin HOME Consortium is here to help with the First-Time Homebuyer Program, generously funded by the Kane County Down Payment Assistance Program. This initiative is designed to assist income-eligible individuals in taking the first steps toward homeownership by providing valuable financial support.
Available Assistance
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The First-Time Homebuyer Program is committed to helping first-time homebuyers by offering up to $10,000 in assistance funds. These funds can be applied toward down payments and closing costs, making the journey to homeownership more accessible than ever. The assistance is provided in the form of a zero-interest, deferred payment second mortgage, payable to Kane County. Repayment is required in the event of selling or transferring the home or when it is no longer the primary residence of the applicant.
Eligibility Requirements
To be eligible for the Kane County Down Payment Assistance Program, all applicants must meet specific criteria. This program is exclusively available to first-time homebuyers, defined as those who have not owned a home in the last three years. Additionally, applicants must have been residents of Kane County for the past year. It is essential to fall within the program’s income limits, with annual household income not exceeding 80 percent of the area median income.
Property Guidelines
The property being purchased with program funds must serve as the primary residence of the borrower. It must also be located within Kane County or the portion of the City of Elgin situated in Cook County. Eligible property types include single-family detached homes, condominiums, and townhomes. Unfortunately, manufactured homes are not eligible for this program. The property’s purchase price must not exceed the program’s maximum limits, which are $209,000 for existing homes and $228,000 for new homes.
Income Limits
Household income is defined as the total income received by all household members aged 18 or older who will be living in the home, regardless of whether they are on the mortgage. Here are the income limits based on household size:
- 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
Don’t miss this opportunity to take the first step toward homeownership with the support of the Kane-Elgin HOME Consortium’s First-Time Homebuyer Program and the Kane County Down Payment Assistance Program. Your dream home may be closer than you think!
