DECATUR, Ill. (WAND) — The city of Decatur has teamed up Heartland bank & Trust and Regions Bank to help residents to become homeowners.
The Homebuyer Assistance Program has launched as a city-wide program providing down payment and closing cost assistance purchasing a single-family home for low to moderate income households.
“Homeownership is attainable in the City of Decatur and our program is putting people on the path to long-term success,” said City Economic & Community Development Assistant Director Richelle Dunbar. “But we can’t do it alone, so we are grateful for Heartland and Regions being the first banks to make it possible for residents to become homeowners.”
The City of Decatur has a few requirements to qualify for assistance:
- Home purchase price must be at or below $117,800
- Must have a signed contract for the home
- Must be approved for a primary mortgage
- Must have a closing company/attorney with a closing date
- Must attend and produce a homebuyer counseling certificate from a HUD certified counseling agency (such as the Community Investment Corporation of Decatur)
- Must attend a City-approved property maintenance course
- Cannot owe the City any fines, fees, or taxes
- Applicants must meet median family income requirements
- Residents must use the home as their primary residence for a minimum of 5 years
The City said the amount of assistance given depends on the price of the house, the applicant's financial need, and a few other factors. The financial assistance will be through a deferred forgivable loan, ensuring the City can ensure the property is safe, sanitary, and affordable.
For more information about this program, click here.
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