FirstHome Frequently Asked Questions |
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FirstHome Flyer
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FirstHome
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Spanish (.pdf) |
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1. Who can apply?
 | First-time home buyers (or those who have not owned a home
during the previous three years). This includes all members who will be living in
the household with the exception of seniors 62 or older or persons with a permanent
disability who will not appear on the mortgage. |
| At least one adult member living in the household and has
been employed full-time (minimum 35 hours/week) for the current and previous three full
calendar years. Other adults in the household must not have voluntarily quit their
job within the last 12 months prior to applying to this program. Exceptions to
mandatory full-time work requirements are dependent children, seniors age 62 or over,
Armed Forces personnel on temporary duty assignment and persons with a permanent
disability. |
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2. What are household member income requirements?
| Total household
income will be projected for the twelve-month period following the date of application
materials received by Will County Center for Community Concerns from IHDA. The IRS
definition of adjusted gross income will be used in the projection. Anticipated
raises, bonuses and overtime will also be included.
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Household Size |
Maximum Income |
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1 person |
$36,690 |
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2 people |
$41,940 |
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3 people |
$47,195 |
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4 people |
$52,420 |
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5 people |
$56,595 |
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6 people |
$60,825 |
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7 people |
$65,000 |
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8+ people |
$69,175 |
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3. What is total household income?
| Income/financial
information will be provided individually for all those living in the household (related
and not related) and will be counted together toward the current total income for the
household, regardless of who will be named on the mortgage. This includes year-round
occupants, regardless of relationship to the family.
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4. What are the residency requirements?
| At least one adult
household member, whose name will be listed on the mortgage, will have resided for a
minimum of 12 consecutive months in Will County at the time application is made to Will
County Center for Community Concerns. City of Joliet residency is not
eligible. (Unincorporated Joliet Township residency outside of the the city of
Joliet limits is eligible.)
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5. Where must the
new home be located?
| The home to be purchased must be located in Will County. |
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6. What if I have
assets?
| Borrower(s) are allowed liquid assets not exceeding 5% of
the purchase price of the home after closing. |
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| 7. Do I have to
attend any information classes?
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8. Who do I call if
I have questions?
| Will County Center for Community Concerns at 815.722.0722,
ext. 221. |
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| Please refer to the other FirstHome
FirstHome Program
materials for additional requirements and information. The FirstHome
FirstHome Program
has been approved by the U.S. Department of Housing and Urban Development's Community
Planning and Development and Fair Housing divisions. |
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