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City of Alton's Homeownership Program

Illinois

Available Assistance

The City of Alton’s Homeownership Program provides down payment and closing cost assistance in the form of a five-year, forgivable loan. The maximum loan amounts depend on the applicants’ income; $3,000 for Low-Income buyers and $5,000 for Very Low-Income qualified buyers. Funds are available on a first-come, first-serve basis.

Eligibility Requirements

All applicants must meet certain program requirements to be qualify for assistance funding. Eligible applicants must have an annual household income that falls below 80 percent of the area median income (limits shown below), and a clean credit history for the last year. They must also be able to contribute $1,000 toward the transaction, which must be in the form of earnest money deposits, cash at closing, or a combination thereof. Applicants are also responsible for securing a first mortgage with a fixed interest rate within 1 percent of the market rate, as well as completing a HUD- approved homebuyer counseling course.

Property Guidelines

Purchased properties must be located within the City of Alton, serve as the borrower’s primary residence, and should not exceed the program’s purchase price limits.

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