The Village has limited funding available for this program.  Please contact Marisa Warneke at 847.923.3851 or at mwarneke@ci.schaumburg.il.us for more information. 

The Village of Schaumburg has identified in the Community Development Block Grant (CDBG) Program that a first time homebuyer's program is needed to increase homeownership opportunities.

 Type of Loans Available
The village can provide a forgivable loan up to a maximum of $10,000 towards closing costs, down payment assistance, and other associated costs.

• Village will pay reasonable closing costs and up to 50% of the down payment
• Applicant must provide a minimum of $1,000 for down payment costs
• Maximum downpayment allowed is 20% of purchase price
• Loan will be forgiven at a rate of 1/60th per month over a five year period

How Does the Village of Schaumburg’s First Time Homebuyers Program Work?

• Applicants must income qualify
• Applicants must have not owned a home in the past three years
• Assets don't exceed $60,000
• Approved applicants must attend housing counseling
• Applicant must qualify for first mortgage financing from a financial institution
• Applicant must find a home within the corporate limits of Schaumburg
• Eligible properties must undergo a home inspection and lead-based paint inspection if home was built prior to 1978
• Property to be purchased must have a clear and free title

Income Limits for Low-Moderate Income Households*

• Income figures are for 2009 and provided by HUD.  Income eligibility is based on those who are less than 80% of the Median Family Income (MFI).

How Do I Apply?
Applications & brochures may be picked up at the Municipal Center at 101 Schaumburg Court, from the Community Development Department or by mail if applicants meet the preliminary qualifications of the program.