homeownership department · training or discuss new programs. your communities. account managers...
TRANSCRIPT
Homeownership
Department
2018
OUR GOAL▪ Create positive change in communities through homeownership!
▪ Examples of past programs:
INTRODUCING…
Launched Feb 1st
KEY FEATURES
▪ Three sub-programs ▪ 4% Forgivable
▪ 5% Deferred
▪ 10% Repayable
▪ Less restrictive, more options for the borrower to find the right program for their situation
▪ No County Specific Requirement
▪ New Construction allowed
▪ First-Time and Non-First-Time Homebuyers Allowed
▪ Assistance Amount:
▪ 4% of the Purchase Price
▪ Up to $6K Max
▪ Term:
▪ 10 Years Forgivable
▪ Repayment:
▪ No Monthly Repayment
▪ Assistance is forgiven pro-rata on a monthly basis over 10 years
▪ Assistance Forgiven Monthly = DPA Assistance ÷ 120 months
▪ Example: If $6,000, it will be forgiven at $50/month
▪ Assistance Amount:
▪ 5% of the Purchase Price
▪ Up to $7.5K Max
▪ Term:
▪ 30 Years
▪ Repayment:
▪ 0% Interest
▪ Full Amount Due at maturity date or upon “repayment event” (refinance, sale of home, etc.)
▪ Can be prepaid without penalty at any time
▪ Assistance Amount:
▪ 10% of the Purchase Price
▪ Up to $10K Max
▪ Term:
▪ 10 Years
▪ Repayment:
▪ 0% Interest
▪ Monthly Payment = DPA Amount ÷ 120 months
▪ For example, if $10,000, payable at $83.33/month
▪ $7,500 cash assistance for down payment & closing costs
▪ 5 year forgiveness period
▪ Eligible for first-time home buyers or anyone who has not owned a home in the last three years (Veterans are exempt)
1STHOMEILLINOIS
▪ Up to $50,000 for principal curtailment and refinance
▪ 3-year forgiveness period
▪ Rate and term refinanced to 30 year fixed 1st mortgage
▪ Available for homeowners with at least 110% LTV –prior to assistance
▪ ITS NOT TOO GOOD TO BE TRUE!
I-REFI
▪ If you see a need for a specific program, let us know! We are constantly evaluating our programs to make sure they are RELEVANT and IMPACTFUL
▪ Call an account manager if you would like to set up a training or discuss new programs.
YOUR COMMUNITIES
ACCOUNT MANAGERS
VICTORIA [email protected](312) 348-3538
REBECCA [email protected](312) 848-2001
JOHN [email protected](312) 802-1894
