Want a home of your own, but can't meet the down payment and closing costs?

The Village of Romeoville, in association with a number of Illinois communities, offer a two-pronged approach to assist homebuyers: The Assist Homeownership Program provides families with funds to pay all or most of their closing costs and down payment and the Mortgage Credit Certificate (“MCC”) program reduces the homebuyer’s ongoing cost of borrowing.

What is the Assist homeownership program?

Assist is a program that offers individuals and families with a FHA/VA/RD (640 minimum credit score) or 30-year, fixed-rate mortgage (660 minimum credit score) and offers a 3% to 7% cash grant on the amount borrowed on a mortgage to qualified home buyers. The cash assistance may be used to offset some or all of the home loan’s down payment and closing costs. The Assist program minimizes the amount of money you need on hand to purchase your home.

What are Mortgage Credit Certificates?

MCC’s are a federally authorized program created as an alternative to tax-exempt housing bonds to reduce effective interest costs for qualifying homebuyers. MCC’s allow the homebuyer to qualify for a federal income tax credit equal to a percentage of the interest paid on their home loan each year. MCC holders still qualify for a regular deduction of the remaining interest paid on their home loan.