First Time Homebuyer's Program 

 

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. CDBG are funds allocated to the Village as part of an annual grant from the U.S. Department of Housing and Urban Development.

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 of the down payment
    • Maximum down payment 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 must not exceed $60,000
    • 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
    • Approved applicants must attend housing counseling

 

Income Limits for Low-Moderate Income Households

 Household
 Income Limit*
 1 Person       
 $40,550
 2 Person       
 $46,350
 3 Person       
 52,150
 4 Person       
 $57,900
 5 Person       
 $62,550
 6 Person       
 $67,200
 7 Person       
 $71,800

 

 

 

 

 

 

* Income figures are for 2014 and provided by HUD.  Income eligibility is based on those who are less than 80% of the Median Family Income.

 

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.

If you have any questions, please contact Marisa Warneke, Community Planner, at 847.923.3851.

 

 
101 Schaumburg Court, Schaumburg, IL 60193-1899
P: 847.895.4500

Dial 311 for non-emergency requests