Eligible applicants can receive as much as $5,000 from the City of Alton’s Homeownership Program. This program is meant for low-income and very-low income buyers. Those in the very-low-income category can receive up to $5,000, and those in the low-income category can receive up to $3,000. This assistance is a loan with a five-year term that can be forgiven.
As funds are limited, they are offered first-come, first-serve to qualified individuals.
In order to qualify, applicants must have at least a year of clean credit history, finish an approved homebuyer counseling class, and secure a first mortgage.
Applicants have to be able to put down a minimum of $1,000 towards the purchase from their own assets.
As of 2020, applicants must meet the following annual household income limits:
- 1 person household - $37,600
- 2 person household - $43,000
- 3 person household - $48,350
- 4 person household - $53,700
- 5 person household - $58,000
- 6 person household - $62,300
- 7 person household - $66,600
- 8 person household - $70,900
Eligible properties include those located in Alton city that are the primary residence of the applicant and do not exceed property purchase limits.
Other programs in Illinois:
- Down Payment Plus Programs
- HOMEbuyer Program
- Chicago Home Buyer Assistance Program
- Joliet Down Payment Assistance Program
- Kane County First-Time Homebuyer Program
- Normal Homebuyer’s Down Payment Assistance Program
- Romeoville Assist Program