Homebuyer's Assist Program
The Village of Streamwood, in association with a number of other Illinois communities, now offers a two-pronged approach to assist homebuyers: The Assist Program provides individuals and families with funds to pay all or most of their closing costs and down payment, and the mortgage credit certificate ("MCC") program reduces the homebuyer's ongoing cost of borrowing.
The "Assist Program" offers individuals and families with an FHA/VA/RD, 30-year, fixed rate mortgage loan, and offers a full 3.00% cash grant on the amount borrowed on a mortgage to qualified homebuyers seeking to purchase a home in Streamwood. The cash assistance may be used to offset some or all of the home loan's down payment or closing costs. The Assist Program minimizes the amount of money you need, on hand, to purchase your home.
What are Mortgage Credit Certificates? MCC's are a federally authorized program created as an alternative to tax-exempt housing bonds to reduce effective interest costs for qualifying homebuyers. MCC's allow the homebuyer to qualify for a federal income tax credit equal to a percentage of the interest paid on their home loan each year. MCC holders still qualify for a regular deduction of the remaining interest paid on their home loan.
The programs are open to individuals and families, who meet income and purchase price requirements. Borrowers must also meet certain income guidelines. Income limits are based on family size. For 1 or 2 person household, the maximum income limit is $90,960; for 3 or more person household the limit is $106,120.
Homes that meet the program guidelines are new, or existing, owner-occupied, single-family homes, townhouses, or condominiums. The maximum purchase price for either a new or existing home is $378,461.
Qualified borrowers must not have owned a home in three years. They
for the mortgage loan, and use the home as their principal residence.
The program cannot be used to refinance an existing loan.
Contact one of the participating lenders to see if you meet program guidelines and qualify for your new home:
Bridgeview Bank: (847) 666-5111 Compass
Mortgage: (630) 821-3541 1st Advantage
Mortgage: (847) 240-2786 Blackhawk Bank: (815)
Wells Fargo: (847) 318-8943 Allied First Bank: (847) 417-2082 Standard Bank & Trust: (630) 290-3452 Mortgage Services III: (847) 343-8224