Housing Program | Application process | Application

ATTENTION REALTORS

Sell a rehabilitated home through the City of Joliet

The City of Joliet is offering a 2.5% Commission to all Realtors who provide a qualified buyer to purchase city properties through the Neighborhood Stabilization Program.  The City of Joliet will take the application, run the credit report, verify employment, give the buyer down payment assistance and show the properties as they become available. Once a buyer decides to purchase a property the Realtor will be notified of the closing.  The City is currently taking applications for the qualified applicants. (See attached criteria)

GENERAL ELIGIBILITY REQUIREMENTS

HOW DO YOUR CLIENTS QUALIFY? To qualify for the Program, your clients must be able to meet the following requirements:

• Applicant must be at least 18 years old.

• Provide a $2,500 down payment, payable at the time of closing.

• Demonstrate the ability to repay the loan by showing stable employment for the last two (2) years.

• It must be at least four (4) years or more since a Chapter 13 or 7 bankruptcy has been discharged.

• Attend 8 hour home counseling offered by a HUD-approved home counseling agency prior to closing on a home

• All collections, judgments, etc. must be paid prior to approval.

• Must not exceed the income guidelines shown below:

FAMILY SIZE MAXIMUM INCOME LIMIT*

1 person:   $63,650

2 persons:  $72,750

3 persons:  $81,850

4 persons:  $90,950

5 persons:  $98,250

6 persons:  $105,500

7 persons:  $112,800

8 persons:  $120,500

*Subject to change annually. Income is based on the total current gross income of all persons that are going to be living in the home.

This initiative is unlike the traditional City of Joliet Local Homestead Program in the following ways:

1.  The applicant need NOT be a first-time homebuyer.

2.  The homes will be located in several areas of the City of Joliet (TBD).

3.  The maximum income guidelines have been raised substantially.

4.    The City of Joliet is offering a 2.5% commission to Realtors.

For further information about these homes or the City’s Housing Program, please call Vicki at 815-724-4089, e-mail vmartell@joleitcity.org.  Se Habla Español.