About a month ago, I wrote about the Neighborhood Stabilization Program as it pertained to Will County, Illinois.
Lyn Sims (Re/Max Suburban in Schaumburg, IL) has provided great information in detail regarding another county in Illinois .. DuPage County. For those thinking of buying a home within this area, Lyn's article is a must-read.
For further information, or to view a home that is a participant in the re-habbing aspect of this program ... please contact Lyn Sims or click on the links that she has so generously provided for your convenience and assistance.
As always, for lending information ... feel free to ask me questions via any communication.
Thank you ...
Gene
Down Payment Assistance and Home Ownership Opportunity in DuPage County IL
Neighborhood Stabilization Program (NSP)
DuPage County is purchasing bank-owned foreclosed homes and rehabbing them for sale to qualified buyers, who would be willing tolive in the house. This owner-occupied new program includes a special financing plan that can save you money and help you get the home of your dreams.
How does it work?
- Borrower must qualify for a purchase price of at least $100,000
- Tax impound account required
- Term of 15, 20 or 30 years
- Fixed rate, must be reasonable
- Fully amortized
- Renovation loans not allowed (203K)
- Lenders not on the Authorities Participating Lender List will need to submit a copy of the Good Faith Estimate (GFE) and Commitment Letter to the Authority at time of first mortgage loan application for approval & review.
There are income requirements! 1 person is $63,350 gross maximum while a 8 person household is $119,450 maximum income level. (See guidelines sheet).
Buyers need to make a minimum downpayment of $1000 from their own funds (no gifts) plus the required closing costs.
Education requirement - Borrower must complete an 8 hour home buyer education seminar, home maintenance class and budgeting class provided by the Authority.
Credit score minimum's of 660.
2 months reserves for borrower required.
Assistance Amount - 17% of the purchase price with no interest.
You will need a Realtor (me!!!) to show you these homes or to be sure they are still available. This is a tremendous opportunity and when the funds are used up the program is gone.
NSP Guidelines
Properties AvailableFrequently Asked Questions
Please call Lyn Sims for this down payment assistance and home ownership opportunity for DuPage County in IL!
Gene Mundt, Sr. Vice President
Personal NMLS #216987
The Federal Savings Bank
1823 Centre Point Circle, Naperville, IL 60563
Skype! 630-219-1316
Gene - I really like th e NSP program because it's a great way for the low-medium income buyer to get a decent home that they don't have to compete with all cash investors for, just other NSP buyers.
Donne: I was greatly surprised by the intense interest when I posted my article regarding Will County. Pleasantly surprised! Good to see that people will take advantage of these beneficial programs. As you point out, for those that might have a more challenging time .... they're wonderful. Good to hear from you as always Donne!
Gene
I am closing on a Will county NSP property next week. Buyers are thrilled because they are receiving $39,900 in down payment assistance and are going to be moving into a fully rehabbed home. It's a win, win situation for buyer and one less vacant dilapidated home in the community.
The city of Joliet has a program as well. Lot's of opportunities for middle income buyers!
Borrowers don't listen, no matter how carefully you explain, they always say. I did not know.
Lori: It's great to hear an actual success story for this program. It just adds extra validity to the message ... that this program can work! Congratulations on so many levels. On helping the buyer. On navigating the program. On helping the community. Thanks for the info on the Joliet program availability, as well. Good job!
Gene
Borrowers: There are certainly those that do .. and I suppose it's somewhat natural to try to protect your stance on something. I try to protect myself from this with documentation. When, who, what, etc. ... all kept in the file so when issues pop up ... I at least have notes to support my stance as well. Thanks for writing, Terri ...
Gene
Innovative financing options for home buyers as usual posted by Gene Mundt. :)
Kate: Thanks for the kind words. Just trying to keep up with all your good deeds and work!
Gene
Good reblog Gene. I commented on Lyn's post!
Diane: Thank you. I know the Will County blog served a great purpose .. thought this would too. I appreciate your letting Lyn know how helpful it was ...
Gene