Housing Program | Application process | Application | Realtors

GENERAL ELIGIBILITY REQUIREMENTS

BUY A REHABILITATED HOME THROUGH THE CITY OF JOLIET

The City of Joliet is currently taking application for the Neighborhood Stabilization Program.  In January 2009, the City of Joliet will begin purchasing and rehabilitating foreclosed homes for eligible buyers.  In order to qualify for these homes, you must meet income guidelines provided by the U.S. Department of Housing and Urban Development (see below).  Additionally, you must be able to show stable employment of two years and the ability to pay your bills in a timely manner.  If you have gone through bankruptcy, the bankruptcy must have been discharged at least four years prior to date of application.  You may be eligible for downpayment assistance to purchase this home. 

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.

• 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 (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.

Meet income guidelines shown below:

Family Size Maximum Income Limit *

1 person:   $63,100

2 persons:  $72,100

3 persons:  $81,100

4 persons:  $90,100

5 persons:  $97,350

6 persons:  $104,550

7 persons:  $111,750

8 persons:  $118,950

*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.

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

the applicant need NOT be a first-time homebuyer; the homes will be located in several areas of the City of Joliet (TBD); and the maximum income guidelines have been raised substantially.

For further information about these homes or the City’s Neighborhood Stabilization Program, please call Vicki at 724-4089, e-mail her at vmartell@jolietcity.org . You may also stop in the Neighborhood Services Office at 150 W. Jefferson Street in Joliet between the hours of 8:00 am to 4:30 pm, Monday through Friday for an application.  SE HABLA ESPANOL.