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Funding for the Homebuyer Program is currently unavailable.
The Homebuyer Program provides assistance with down payments up to a maximum of $7000 in closing costs not to exceed $1500. It also provides funds to rehabilitate the property to bring the dwelling up to Section 8 Housing Quality Standards. The actual mortgage for the home is financed through a financial institution.
The assistance for the down payment, closing costs and rehabilitation is in the form of a zero interest, forgivable loan. Homebuyer applicants will be provided a mandatory workshop on the home selection, mortgage application, closing process, maintenance, budgets and other related subjects.
Applicants must be at or below the 80% area median income level, complete a homebuyer workshop, have satisfactory credit and provide in mandatory $1000 down payment.
Illinois Housing Development Authority is the program administrator and BCMW Community Services implements the program in Bond, Clinton, Jefferson, Marion and Washington Counties.
Serving individuals, families and children in Bond, Clinton, Marion and Washington counties since 1967.