Information about AEOA's Home Ownership program is available
Apr 24, 2019 08:15AM ● By Editor
Media Release from the Arrowhead Equal Opportunity Agency - April 23, 2019
AEOA’s Homeownership Program is to help clients that are interested in learning how to buy a home.
AEOA’s Homeownership Program is to help clients that are interested in learning how to buy a home.
The program is three tiered, offering education, counseling, and financial assistance.
The education and one-on-one counseling are available to anyone interested in learning how to buy a home. The workshops are designed to educate buyers to make good decisions, avoid pitfalls, and purchase a home with confidence. The curriculum is used to teach how real estate transactions work, qualifications of homebuyer financing, and responsibilities of homeownership.
A class for first time home buyers will be held on June 15 at Cook County Higher Education. Follow this link to learn more about the event. https://www.boreal.org/events/162732/aeoa-home-stretch
A class for first time home buyers will be held on June 15 at Cook County Higher Education. Follow this link to learn more about the event. https://www.boreal.org/events/162732/aeoa-home-stretch
The counseling is focused on budgeting, affordability, credit, mortgage readiness, and understanding loan products and processes. One on one counseling is a free service to help determine objectives, identify barriers, share resources, and develop an action plan.
Financial assistance is also available to qualified buyers towards down payment and closing costs.
These are the eligibility qualifications:
These are the eligibility qualifications:
- Buyer(s) must complete the Homestretch Workshop.
- Buyer(s) must complete 1-on-1 counseling to qualify for assistance BEFORE Purchase Agreement is signed.
- The home purchased must pass the minimum Housing Quality Standards Inspection.
- Buyer(s) must be a first-time homebuyer (or not owned a home in the last 3 years).
- Buyer(s) must qualify for a mortgage. The counselor will assist in shopping for a mortgage.
- Buyer(s) are required to pay a minimum of $1,000.00 towards they purchase of a property from their own resources.
- Available mortgage programs may require additional buyer contributions.
- Household income must be below the following income limits. (80% below the County median income)
Family
Size St. Louis Lake Cook
1 $40,000 $38,950 $38,950
2 $45,700 $44,500 $44,500
3 $51,400 $50,050 $50,050
4 $57,100 $55,600 $55,600
5 $61,700 $60,050 $60,050
6 $66,250 $64,500 $64,500
7 $70,850 $68,950 $68,950
8 $75,400 $73,400 $73,400
For any questions about the program please contact:
Autumn Holweger
218-735-6895
OR
Sandy O’Fallon
218-999-0828
