Financing in Peoria>Question Details

Lorene Mayer, Renter in Peoria, IL

What are the guidelines for getting down payment assistance? What is the maximum earnings allowed to qualify?

Asked by Lorene Mayer, Peoria, IL Tue Aug 7, 2012

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Lorene;

there are a couple of programs available at this time. Feel free to give me a call and we can discuss your situation. there is an $8000 program for 1st time buyers. a $6000 progrand the IDHA. a $10,000 program if you sertved in the military. Call Sheila Walker @ Herget bank for more info on any of these. 309-347-0271 or feel free to call me for more info or advice.

309-208-7748
1 vote Thank Flag Link Tue Aug 7, 2012
There are several programs available to assist first time borrowers. METEC a community development corporation has funds that range between $7500 and $8500 based on household income. IHDA has several programs. Banks that participated in the Federal Home Loan Bank may have funds up to $8000. Call Cheryll Boswell the executive director at 309 676 3832 for more information.
0 votes Thank Flag Link Sun Sep 15, 2013
Lorene, Each program will have different perimeters. Anyone who is a first-time homebuyer should talk to any morgage loan originator. They would be the best person to guide you in the process. My job is to lead you in the right direction. I suggest you call the bank you want to work with and talk to a morgage originator. At Keller Williams we have Busey Bank in our building. Give Jeremy Hopwood a call at 282-4914. He will take the time to help you. Jeremy will know all the perimeters of every program available and maximum earnings allowed to qualify for the program that fits you best. Thank you, Jody Hoerr, Keller Williams.
0 votes Thank Flag Link Wed Aug 8, 2012
Hi Lorene....hope you are doing well! The down payment assistance programs come and go as funding becomes available and then is used up. There are a variety of programs out there right now.....it is best to speak with your loan officer about which programs would work for you. If you need any assistance in that, please let me know.......Greg McCoy.......309-687-4826
0 votes Thank Flag Link Wed Aug 8, 2012
The City of Peoria grant program is closed (out of money), for now. The program is supposed to start back up in November or so. Guidelines are you must be first-time home buyer (or not have owned a home in the last 3 years), income limits vary according to number of household members. However there is a assist program through the state, that still has grant money, that you may want to check into. Also, there is a bank in town that has a 100% financing program for qualified buyers, if your issue is coming up with a down payment. I'd be glad to help you! Give me a call. (Regina 868-1948, Century 21 Peoria)
0 votes Thank Flag Link Tue Aug 7, 2012
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