Current Homebuyer Programs 6/1/2014

Current Homebuyer Programs 6/1/2014

GROWTH offers a variety of homebuyer assistance programs for individuals and families wishing to buy a home in Rock Island County or Whiteside County.  Programs have an emphasis on households seeking to purchase a home in the City of Rock Island, Village of Milan, City of Moline, City of East Moline in Rock Island County and City of Sterling, City of Morrison and City of Fulton in Whiteside County. GROWTH staff will determine which funding source(s) are most beneficial for buyers after receiving and reviewing the home buyer’s application. All current programs are based on the following maximum area median income limits:

Rock Island County AMI

# of Persons in Household	80%
1	$ 35,200
2	$ 40,200
3	$ 45,250
4	$ 50,250
5	$ 54,300
6	$ 58,300
7	$ 62,350
8	$ 66,350

Whiteside County AMI

# of Persons in Household	80%
1	$ 32,700
2	$ 37,350
3	$ 42,000
4	$ 46,650
5	$ 50,400
6	$ 54,150
7	$ 57,850
8	$ 61,600

Housing Trust Fund

This program has an emphasis on households seeking to purchase a home in the City of Rock Island, Village of Milan, City of Moline, City of East Moline in Rock Island County and City of Sterling, City of Morrison and City of Fulton in Whiteside County. 

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  0% Illinois Housing Development Authority (IHDA) deferred forgivable loans that are forgivable after
  

5 or 10 years based on the amount of assistance provided.

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  Buyers are eligible for up to $ 5,000 in down payment and closing cost assistance which will be determined according to the need of the home buyers and the required loan to value ratio of the participating lender, plus up to $ 20,000 in rehabilitation improvements.
  
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  Property must be vacant at the time the buyer’s offer is written.
  
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  Borrower must contribute a minimum of $1,000 to the transaction.
  
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  Homebuyer can earn up to 80% of the area median income.
  

Applications and additional information can be found at www.northwesternillinoishousingcoalition.com. Income limits and programs are subject to change without notice. Grant funds may be available from various sources with differing terms. The acceptance of this application by Rock Island Economic Growth Corporation (GROWTH) does not in any way guarantee that funding is or will be available at the time a property is purchased.

The Northwestern Illinois Housing Coalition is an initiative of Rock Island Economic Growth Corporation(GROWTH) in collaboration with the following entities/organizations: the City of Rock Island, the City of Moline, the City of East Moline, City of Sterling, the City of Fulton, City of  Morrison, Arc of the Quad Cities and Project NOW.