IHDA Homeownership Program

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Our Mission

Our mission is to promote home ownership. Home ownership enables people to be not merely residents, but rather stakeholders in a community. In communities where home ownership is the norm, greater stability, pride of ownership, and sense of public responsibility prevail.

Granite City HOMEbuyer
Program Guidelines*  Currently Not Funded

Loan Terms:
5-year forgivable loan for $3,000 or $5,000, based on household income, for closing costs and down payment. This loan will be forgiven only after five full years occupancy.

While funding varies in source and amount from year-to-year.  Participating lenders should know whether funds are available.

Primary Financing:
In addition to the financial assistance provided by the City of Granite City, homebuyers must also obtain market rate financing.

Eligible Homebuyers:
First-time homebuyers who meet the income guidelines, have two year's steady income, and one year's good credit with a median credit score of at least 620 are eligible for assistance in the purchase of a home.

A portion of our funding is reserved every year for households who do not have sufficient funds for down payment and closing costs. Funds are also set-aside for special needs buyers, including the disabled and minorities, who are purchasing homes.

All buyers are required to invest at least $1,000 of their own funds in the purchase of the home.

Eligible Properties:
Existing or newly constructed, single family dwellings or condominiums, occupied as homeowner's primary residence within the city limits of Granite City.

Property Inspection:
A property inspection for HUD's Housing Quality Standards and Lead-based Paint hazards is required on all properties. Failed conditions must be addressed before closing.

Homebuyer Pre-purchase Counseling:
Homebuyers who receive funds must obtain one-on-one pre-purchase counseling from a HUD-certified agency. A list of agencies may be obtained from the City of Granite City or a participating lender.

* Program guidelines are subject to change without notice.

Granite City HOMEBuyer

Income Guidelines

Income Guidelines
This program is intended to assist persons whose gross, annual household income falls at or below the guidelines listed below.

Household Size Gross Income

Income guidelines are based on HUD data and are subject to change without notice.

To Apply: Contact the City of Granite City at the number below for a list of participating lenders and a detailed description of the requirements. Please contact:

City of Granite City
Kathy Moore
2000 Edison Avenue 2nd floor
Granite City, IL  62040
452-6214 ext 3

Or ask your local lender or real estate professional.

Lending Institutions: 
Lending institutions who would like to be approved as a participating lender can download the Granite City Homebuyer Program Lender Packet which details the full provisions and requirements of the Homeownership Program.