The County of Will in Illinois, through a grant received as part of the Housing and Economic Recovery Act, has $40,000 in monies available in the form of down payment assistance for eligible buyers wishing to purchase foreclosed homes that will be rehabilitated by the County. It is stipulated that the 5.16 million received in grant funds must be utilized by no later than September 16th of this year.
Homes in the following areas of Will County are eligible for down payment assistance: Unincorporated Joliet, Unincorporated Troy Township, Wilmington, University Park, Romeoville, Crest Hill, Godle
y, Braidwood, Lockport, Rockdale, and Crete. Stastically these areas were determined to be most likely to suffer high rates of foreclosure and thusly entered into the NSP program.
Individual buyers wishing to take part in this program cannot have an income greater than $63,550 per year. For a family of four, their combined income must not exceed $90,500. A subsidy, in the amount of $20,000, can possibly be qualified for. This subsidy can be used to help a buyer with a down payment and/or principal balance reduction. First-time homebuyers reap the greatest benefit from available subsidies, as they may possibly qualify for a subsidy of $39,900.
Participation in this assistance program is dictated by income (buyer's income must be below 80% of the average median income) and the ability for potential buyers to demonstrate that they have not owned a home in the past three (3) years.
Coldwell Banker - Residential and Dow Realty have been selected to represent Will County in negotiations between potential homebuyers and their realtors ... and the property-holding REO's. Buyers may also select the home they want to purchase, but that property must have been foreclosed on and be located within one of th
e chosen and eligible areas.
If the County determines a buyer's chosen property to be a good property for rehabbing and purchase, Will County will then attach an appropriate purchase price offer to that property. Negotiations with the REO institution then begins.
Once the selected property is secured, the County then contracts with the buyer to purchase the home once rehabbing has been completed. NSP dictates that Will County cannot make any monies/profits from the sale or rehabbing of the program's properties.
To this date, 30 homes have been acquired utilizing the Neighborhood Stabilization Program and another 12 properties are presently under contract. Including the cost of the rehabbing, the average cost of these homes has been $130,000. Local tradesman, appraisers, realtors, and more have been the beneficiaries of the work, business, and commissions earned through this program, which inturn benefits all of Will County residents. The newly renovated and purchased properties are replacing the neglected or vacant properties once considered distressed courtesy of the benefits of this government program.
It is important to note that the Neighborhood Stabilization Program does allow for the County itself to purchase, rehab, list, and sell properties. Four properties are currently for-sale through Will County at this time. The addresses of these properties are:
1. 1402 Summit, Lockport, IL 2. 20823 Ardmore, Romeoville, IL 3. 216 So. Briggs Street, Joliet, IL 4. 935 Ontario, Romeoville, IL
To view or obtain further information regarding the Will County Neighborhood Stabilization Program or these properties for sale, contact Tim Mack, NSP Program Manager at (815) 774-7892. Buyers and/or their realtors can view additional information and download NSP forms found at the www.willcountyboard.com site.
Gene Mundt, Sr. Vice President
Personal NMLS #216987
The Federal Savings Bank
1823 Centre Point Circle, Naperville, IL 60563
Skype! 630-219-1316
I think the single biggest problem that first-time home buyers face, especially in this down economy, is finding the resources to come up with a down payment. Your program in Will County sounds like an excellent solution to this dilemma.
Elizabeth: I agree ... it allows some that may not have been able to swing a home purchase to now seriously ponder it ... and actually enter the market. It also addresses the issues about vacant or damaged properties in neighborhoods and villages. All positives in my eyes. I really appreciate your writing me and your input ... thanks ...
Gene
I am really interested in finding out more information on this program..for instance do I have to be approved for a mortgage before i can sign up for this program or can i be assisted with that as well.
Kimberly Henderson
Kimberly: I'm so sorry for not getting back to you before today. ActiveRain has been experiencing major problems and none of the professionals that are members have been able to receive comments through the comment service of the site.
Rather than write information here ... or ask questions of you here ... I would prefer that you write or email me. We can get more specific to your personal scenario, questions, and needs that way .. and it will go much more quickly.
Please contact me at: 815.277.4036, 708.921.6331, or through my email: gene@chicagobancorp.com. If you would like, you can always view my website at: www.genemundt.com as well.
Thanks for contacting me. I look forward to speaking with you soon ...
Gene
Gene, I do not know if you can help but here is what i got going on. My sister is in the middle of buying my home on a short sale from my lender this has all been approved, the mortage person that is helping mentioned this will county grant thing but the property is in bolingbrook so it looks like it des not qualify for that program. The house goes to foreclosure court on the 18th of august are there any programs of assistance that she can receive? I am in the construction field and my income has taken a huge hit so thats how all this happened any input would be most appriciated. Sincerely Larry Kielb
Larry:
Thanks for contacting me in regards to your home sale and scenario. I appreciate it.
There is some vital information that I would need in order to research what programs, if any, might exist for your sister's purchase of your home. It probably would be best if I spoke directly to her ... as it is her info that I mostly need. I also need to know if you and your sister share the same last name ... and the location of the property within Bolingbrook. As you know, the village is located within two counties, so location is very important as it relates to the Will County grant program.
As I related above, it probably would be best if I spoke directly to your sister .. then you, in regards to this transaction and the possibilities that exist for purchase. Please contact her contact me at any of my telephone numbers (Direct: 815.277.4036, Cell: 708.921.6331), by email: gene@chicagobancorp.com. For some information regarding myself and my services, please go to: www.genemundt.com. You can also contact me through the Contact Form found on that site.
I look forward to hearing from you or your sister soon ...
Gene