Local Homestead program | First time home buyer | Application process |

FIRST TIME HOME BUYER

GENERAL ELIGIBILITY REQUIREMENTS

HOW DO I QUALIFY? To qualify for the Program, you must be able to meet the following requirements:

• * Applicant must be at least 18 years old.
• * Must be a first-time homebuyer or not have owned a home for a minimum of three (3) years.
• * Provide a $2,500 down payment, payable at the time of closing.
• * Demonstrate the ability to repay the loan by stable employment for the last two (2) years.
• * It must be at least two (2) years or more since a Chapter 13 or 7 Bankruptcy has been discharged.
• * All collections, judgments, etc. must be paid prior to approval.
• * Must be a U.S. citizen or registered alien (hold an Alien Registration or Receipt Card 1551 – Green Card).

* Meet income guidelines shown below:
Family Size Maximum Income Limit
1 $42,200
2 $48,250
3 $54,250
4 $60,300
5 $65,100
6 $69,950

*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.

Additional information on either the Local Homestead Program or Emergency Loan Repair Program can be obtained by contacting the office of Neighborhood Services Division at 815-724-4090 or by stopping by our office located at the Municipal Building, 150 West Jefferson Street, Joliet, Illinois.