Pekin Real Estate-Sometime within the next 30 days Heartland Bank will have grant funds released from the Federal Home Loan Bank of Chicago for the Downpayment Plus ® Program. The funds are on a first come first serve basis.
1. Amount for each registered institution is $180,000 (vs $60,000 last year)
2. $6,000 per grant (vs $4,000 last year)
3. Homebuyer contribution is $1,000 (vs $750 last year). This can be earnest money, 1st years homeowners premium, etc.
4. If they live in the house for 5 years, the grant is forgiven. If they sell or it is no longer used as their primary residence the grant funds will be paid back on a prorated basis.
5. Must complete a homebuyers counseling program.
6. It is income based. The income charts are not available, but as soon as I do I will put together a chart for those interested.
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