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Services
Finance
Homebuyer's Assist Program
The Village of Streamwood, in cooperation with a number of other Illinois
communities, now offers the Assist Program.
The Assist Program provides individuals and families with an FHA/VA, 30-year, fixed rate mortgage
loan, and offers 4.75% cash assistance
on the amount borrowed, 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.
The program is 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 $90,120; for 3 or more person household the
limit is $105,140.
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 $373,671.
Qualified borrowers must not have owned a home in three years. They
must qualify
for the mortgage loan, and use the home as their principal residence.
The program cannot be used to refinance an existing loan.
The Assist Program is coordinated by Stern Brothers & Company. As
program administrators, they coordinate the process between lenders,
borrowers and communities. As of March 1, 2013, Stern Brothers is in
negotiations with lenders regarding this program. They will not be
processing applications until these negotiations are completed.
Please contact
David Rasch with Stern Brothers at (312) 664-5664 for further information on
the negotiations.
Click here for more
program information.
