|
Purchase your own home with help from the Village’s First-Time Homebuyer’s
Assistance Program. This program provides a forgivable loan up to a maximum of
$10,000 to be used towards closing costs, down payment assistance and other
associated costs. The Village will pay up to 50% of the down payment required
by the lending institution and reasonable closing costs. The
applicant must provide a minimum of $1,000 for down payment costs.
Properties are eligible if they meet the following requirements:
- The property must be located within the corporate limits of the Village of
Mount Prospect.
- The home must be a single-family residence. This includes detached homes,
condominiums, townhouses, coach houses and duplexes (with split ownership).
- The property must have a clear and free title.
- The property to be purchased must pass a home inspection.
- The property to be purchased must undergo a lead-based paint inspection
if built prior to 1978.
Assistance is available to anyone interested in purchasing a home in Mount
Prospect who meet the following criteria:
1. The applicant must not have owned a home in the past three years.
(Exceptions may be made for displaced homemakers.)
2. The gross annual income of the household must not exceed HUD’s low-income
limits according to household size. These limitations are outlined below:
2008 Income Limits
| # in Household |
Gross Income |
| 1 |
$42,200 |
| 2 |
$48,250 |
| 3 |
$54,250 |
| 4 |
$60,300 |
| 5 |
$65,100 |
| 6 |
$69,950 |
| 7 |
$74,750 |
| 8 |
$79,600 |
For more information about the Village’s First-Time Homebuyer’s Assistance
Program, please contact Janet Saewert, Neighborhood Planner at (847) 818-5313
or e-mail
.
Download Brochure
Link here for information about programs
available through the Illinois State Treasurer's Office.
| 
