Trust Fund Homebuyers with Rehab Program – No Funding Available At This Time
The Program can provide down payment and closing cost assistance up to $5,000. You must provide at least $1000 toward the down payment and you will be responsible for any costs the lender requires such as a credit report, appraisal and home Inspection. You will also need a year of pre-paid homeowners insurance when you actually buy your home. You may also need a lead test if the home was built before 1978. The program also can provide up to $20,000 in funding for rehabilitation of the property to bring the dwelling up to at least the Section 8 Housing Quality Standards.
Basic Eligibility Requirements:
• household income must be at or below 80 percent of the area median income
• household must be able to qualify for a fixed interest rate loan from a lender
• home must be vacant at the time the home is identified for purchase
• participants must occupy the property as their principal residence
The use of Trust Fund Homebuyer funds carries certain restrictions. Details are available from the agency’s Housing Office in Steeleville, IL. See contact information below.
You are not alone in the buying process; Western Egyptian’s Housing Counselors will work with you every step of the way. If you currently have issues, such as credit problems, and are willing to work with the counselors, you will be assisted in improving your credit to help you qualify for a loan.
Contact us today for more information: 618.965.3193 ask for Rob, or Michelle Email email@example.com.
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