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Joliet Down Payment Assistance Program

Illinois

Available Assistance

The Joliet Down Payment Assistance Program provides income-eligible applicants with down payment assistance in the form of a zero-interest, forgivable second mortgage, with a note and recapture agreement. Applicants can receive assistance funds between a minimum of $1,000 and a maximum of 20 percent of the purchase price of the home.

Eligibility Requirements

To be considered eligible for the program, all borrowers must meet certain requirements. Only applicants with a low annual household income—one that does not exceed 80 percent of the area median income—are eligible for down payments assistance (limits shown below). All applicants are responsible for completing 8 hours of homebuyer counseling from an HUD-approved agency. They are also required to contribute a minimum of $2,500 from their own funds toward the mortgage transaction.

Property Guidelines

Borrowers are required to hold ownership of any property being purchased with program funds, and it must serve as their primary residence. Eligible property types include single-family homes, townhouses, condominiums, and manufactured homes on a fixed foundation. Homes located in the 100-year flood plain or that are tenant-occupied are ineligible. The home must be located within the Joliet city limits, and must not exceed the program’s maximum purchase price limits.

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