Qualify

Am I Eligible?

Eligible Borrower

All persons of the household are assessed separately for work history*. This includes current, upcoming 12 months, and previous three full calendar years regardless of household composition (single persons, married persons, or head of household per IRS definition).

At the time of application to the FirstHome Program, at least one adult member of the household must have been employed full-time (any combination of employment totaling a minimum 35 hours per week) over this time period and continue to be employed full-time over upcoming 12 months. No other adults in the household could have voluntarily terminated employment in the last year (12 months) preceding application to this program.

At least one adult member of the household, whose name will be listed on the mortgage, must have resided for a minimum of 12 consecutive months in Will County outside the City of Joliet at the time of the application to Will County for a grant. (Unincorporated Joliet Township residency outside the City of Joliet limits is eligible.)

Must be a first-time homebuyer or members of household may not have owned a home during the previous three years.

Must attend FirstHome three evening (total of 9 hours) Pre-purchase seminar prior to signing sales contract; all names that will be on the mortgage must attend all three seminar sessions.

Borrower Investment

Borrower(s) must contribute at least $1,000 from their own verified funds (non-gift) toward equity.

Borrower Income (eff: 4/2007)

Maximum total household income for upcoming 12 months (projected) must not exceed:

Household Size	Maximum Income
1 person	$36,690
2 people	$41,940
3 people	$47,195
4 people	$52,420
5 people	$56,595
6 people	$60,825
7 people	$65,000
8+ people	$69,175

Eligible Property

One-unit single-family property (attached or detached) borrower(s) will occupy as principal residence. Home must be located in Will County. New and existing properties are eligible. Existing properties built before 1978 will be required to undergo a HUD-required lead inspection program. All properties must undergo a HUD-required inspection for quality and safety.

Loan_Product

First mortgage from IHDA's current interest rate. This will always be a below market interest rate and will change during the course of the program according to IHDA's regulations: 0 points, 30-year fixed rate and up to $1,500.00 in closing cost assistance.

Forgivable grant (second mortgage) from Will County HOME: $15,000.00 - 0% interest - fully forgiven at a rate of 1/120th per month over ten years. Title insurance required for the amount of the grant.

Asset Test Requirement

Borrower(s) cannot have combined liquid assets and real estate assets in excess of 5% of home purchase price after closing.

Lead Time

Seven (7) business days for Will County Center for Community Concerns to process approval of HOME grant (second mortgage) after receipt of all required paperwork. Home must then be purchased (or if new construction, under contract to be built) within six (6) months of grant approval. The closing date cannot be set without the prior written consent from the Will County Center for Community Concerns. Under no circumstances shall the closing date be sooner than fifteen (15) business days from receipt of the Vendor Information Form from the title company.

Steps for Homebuyers

Contact a FirstHome IHDA lender to pre-qualify for program. These are the ONLY lenders working with the FirstHome Program. The lender will prepare a full grant request package and make a formal request to Will County Center for Community Concerns on behalf of the homebuyer.
If approved for a grant, Will County Center for Community Concerns will register you for a required seminar at their facility, located at 304 North Scott Street in Joliet, IL.
Select a home, enter into sales contract, provide a copy of the sales contract to an IHDA lender and lender will forward to Will County Center for Community Concerns. Will County Center for Community Concerns will set the closing date.

Important

Mortgages and grants are subject to availability at the time of application.

For any questions regarding FirstHome grant requirements, call the Will County Center for Community Concerns 815.722.0722 x221.

Refer to the other FirstHome Program materials for additional requirements and information. The FirstHome Program has been approved by the U.S. Department of Housing and Urban Development’s Community Planning and Development and Fair Housing divisions. The Will County Center for Community Concerns and Will County Community Development Department reserve the right to amend the policies without prior notice.

*Current, projected (upcoming 12 months), and previous three years of employment must be full-time with annual income for the upcoming 12 months not to exceed HUD’s current 70% of median income limits (above) for the household. The only exceptions to full-time employment: dependent children, seniors age 62 or over, Armed Forces personnel on temporary duty assignment and qualified individuals with a disability under the Americans with Disabilities Act of 1990 (medical verification is required). The status of “student” is not eligible reason for part-time employment for any non-dependent household member for the FirstHome Program.**

**Note: All W-2s for household members whose incomes represent the total of “Line 7” on the previous year’s tax return must be submitted. A verification of employment and year-to date earnings (from employer) for current year for each household member represented on the previous year’s W-2s must also be submitted. In addition, W-2s for all members living in the household must be submitted.

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