There is a program for buyers of Crest Hill, Joliet and Lockport homes for sale. Home buyers in those towns could qualify for up to $10,000 towards the down payment and/or closing costs. It is The Illinois Building Blocks Program and is being offered by the Illinois Housing Development Authority.
This program is geared for families that might not otherwise be able to purchase a home because of lack of enough cash to cover closing costs and down payments required to qualify for a mortgage loan. It was created to get rid of the current inventory of vacant homes in these 3 towns, which will help revitalize each town. When a town has a glut of vacant foreclosed properties they become vandalized and continue bringing value down for other properties.
Foreclosures definitely affect market value and appraisals in towns (or particular subdivisions) and can hurt nearby residents. It is sometimes difficult for sellers to get actual market value in an area where there are more foreclosures than normal sales. This program offers a chance to help residents in these hard hit areas and gives buyers an advantage to finally achieve home ownership. If you've dreamed of owning a home but are short of funds this could be what you've been waiting for.
Qualifications for The Illinois Building Blocks Program
• You do not have to be a first-time buyer
• You must be able to contribute one percent or $1,000 of the purchase price, whichever is greater
• You can purchase a one unit property or 2-flat in any of the 3 towns
• You must plan to live in the property, what we call being an "owner occupant."
This is not for investors. Other towns besides Lockport, Crest Hill and Joliet that qualify for this program are Belleville, Berwyn, Blue Island, Champaign, Chicago Heights, Cicero, Lynwood, Maywood, Melrose Park, Park Forest, Peoria and South Holland.
Not all lenders offer this program, so contact us at 708-536-8200 or use the Contact Form to be partnered with a lender that does. Take advantage of these programs to help more people attain the American Dream of home ownership!