New homebuyer grant program

New homebuyer grant program

Mon, 13 Feb, 2017 at 16:09
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Barrington Bank & Trust is proud to offer a new down payment and closing cost assistance program. The Barrington Bank & Trust Homebuyer Grant Program is funded jointly by the bank and Wintrust Mortgage, and offered through the non-profit agency North West Housing Partnership. The program offers up to $2,000 to qualifying borrowers purchasing a home as their primary residence within Barrington, Palatine, Schaumburg, Ela, Hanover or Cuba townships. The grants can be combined with federal, state and local grants or loans, and are available for one or two-unit, attached, detached or condominium properties. Homebuyers may receive their loan funding by Wintrust Mortgage or any qualified mortgage lender that meets the requirements of the program.

To qualify, homebuyers must:

• Be applying for first-mortgage financing with a participating lender

• Have an annual household income at or below 80% of the HUD median income of the county in which the property is located

• Contribute a minimum of $1,000 from personal funds toward the purchase of the home

• Complete an approved homebuyer counselling program with North West Housing Partnership prior to receiving grant funds

• Be applying for a minimum five-year loan term and, on adjustable rate mortgages, the initial interest rate lock period must be a minimum of five years

 

For additional details, please contact North West Housing Partnership at 847-969-0561