Dan, Home Buyer in Springfield South Co...

wondering if there is a limit on the amount of income you can make and still qualify for the 8000 dollars

Asked by Dan, Springfield South Corridor, Springfield, IL Sun Jun 10, 2012

Help the community by answering this question:

Answers

4
Dan, I will piggy back on what Jenna said and add that that the income limit for a household of 2 is $44,250, 3 is $49,800, 4 is $55,300 and 5 is $59,750. I was able to get my mother into this program and it is awesome. Remember, these programs are first come first serve and you may want to act very quickly if possible. The other program Jenna referred to called IHDA for short is nearly out of money and will likely only last another couple weeks. When that is gone the program you asked about will start to go quickly as well. Call if I can help you or any of your family or friends! My team has already helped 53 people buy or sell a home this year. We would love to have the privilege of serving you!

Jerry D. Lemmon II, Broker/Partner
The Real Estate GROUP, Inc.
Cell/Text: 217-652-6961
Email: jlemmonteam@thegroup.com
0 votes Thank Flag Link Mon Jun 11, 2012
For the FHLB downpayment assistance... Buyers must meet credit score requirements as well as be under the 80% HUD median income limit with is $38,750 annually for a household of 1. Income limits do increase based on the number of members in household. This is the popular $8,000 grant.

For the IDHA downpayment assistance... Buyers will still need to meet certain credit score requirements, but income guidelines are $71,000 or less. This grant (I believe) is for $6,000.

Dan, please contact me personally with any further questions. I've helped several 1st time buyers already this year and I'm pretty familiar with the process. My cell 217-553-4674 or email me Jenna.Wilkerson@ymail.com

Good luck!
Jenna Wilkerson, Coldwell Banker Honig-Bell
0 votes Thank Flag Link Sun Jun 10, 2012
The ILFI grants have income limits which vary by county & the number of people in your household. Tell me which county & number in household & I can tell you what the income limit is.
0 votes Thank Flag Link Sun Jun 10, 2012
I'm not sure what 8000 dollars you are talking about but most grants do have income limitations. Check with your lender to determine what type of grants are available and what the income limitations are.
0 votes Thank Flag Link Sun Jun 10, 2012
Search Advice
Ask our community a question
Email me when…

Learn more

Copyright © 2015 Trulia, Inc. All rights reserved.   |  
Have a question? Visit our Help Center to find the answer