If you're a resident of Madison County, Illinois please pay close attention to this important information. It could save you thousands of dollars on the purchase of your next home.
Did you ever wish you could find a Fairy Godmother who would swoop in with her magic wand and make your family's home ownership dreams come true? She would provide you with enough money to cover some of the closing costs and other expenses that it takes to buy a home.
Sorry to say that there's no Fairy, but there is an amazing program here in Madison County that can give you a big boost toward owning your own home by granting a portion of your minimum downpayment and closing costs.
The grant is administered by Madison County Community Development and it provides $5,000 for households at or below 50% of median income, or $3,000 for households at or below 80% of median income in the form of a forgivable loan.
To be eligible for the grant, applicants must fall within the income guidelines, have one year of clean credit history, two years of steady income and a copy of their most recent pay stub.
The income guidelines are:
HOUSEHOLD SIZE/INCOME
1 -- $38,000
2 -- $43,450
3 -- $48,850
4 -- $54,300
5 -- $58,650
6 -- $63,000
7 -- $67,350
8 -- $71,700
The property being purchased can be an existing or new construction home. It can be a single-family home or a condo. The program will not help with rental property, manufactured homes or mobile homes.
The maximum value of the property being purchased cannot be higher than $161,500.
To get started with a lender who can help you with the grant application paperwork and pre-approve your mortgage loan, contact me at Send2Nancy@Charter.net or call 618-791-8007.
___________________________________________________________________________________________________
About the Author: Nancy Milton, GRI, is a REALTOR with the GoshenRealtyGroup at RE/MAX Preferred Partners in Edwardsville, Illinois. She and Kristina Pratt help their customers buy and sell homes and investment properties in St. Louis' Illinois suburbs with special emphasis on homes for sale in Madison County and the communities of Edwardsville, Glen Carbon, Maryville, Collinsville, Troy, Bethalto, Granite City, Wood River, Godfrey and surrounding areas.
Goshen Realty Group takes its name from the earliest nickname for Madison County, Illinois -- the Land of Goshen -- coined when the region's first settlers compared their new home east of the Mississippi River to the biblical land of peace and plenty.
For more information, visit GoshenRealtyGroup.com or e-mail Nancy at Nancy@GoshenRealtyGroup.com. Text or call Nancy at 618-791-8007. REMAX Preferred Partners is located at One 157 Center, Edwardsville, IL 62025.
Please note that individual listings periodically mentioned in this blog are accurately described in terms of availability and price at the time of the posting. Because properties are constantly coming on and off the market, please contact Nancy for the latest information on those that are of particular interest to you.
