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Home > Home Insurance News > McLean County First Time Homebuyers Eligible for $3000 Grant from State Farm Bank®
McLean County First Time Homebuyers Eligible for $3000 Grant from State Farm Bank®
Bloomington, Ill., Oct 20, 2005 -- State Farm Bank will provide $3,000 for down payment and/or closing cost assistance to eligible first-time homebuyers that purchase and occupy a home in the Bloomington/ Normal Metropolitan Statistical Area ( McLean County, Illinois). A limited number of grants are available, and they will be reserved on a first-come, first-serve basis.
First-time homebuyers must obtain their mortgages through State Farm Bank and close their home sales by December 31, 2005. Applicants must also meet income requirements and/or the property must be located in a HUD designated area. Investment properties are not eligible for the program, as the borrower must occupy the property they are purchasing in order to qualify for the $3,000 grant.
“ McLean County United Way has identified affordable housing as the number one issue facing the Bloomington/Normal community” said State Farm Bank President Stan Ommen. “This program helps address that need. As the area’s largest employer, State Farm feels the entire community benefits when people own their own homes. We developed this program as a way of putting money directly in the hands of potential homebuyers.”
Local State Farm agents can provide customers with grant application assistance upon submittal of a mortgage application. There is a $50 pre-approval fee that will be credited to the borrower at closing. Borrowers do not have to repay the grant if they continue to own and occupy the property for at least five years. At that time, the grant is totally forgiven. The grant will be forgiven at the rate of 1/60 per month as long as the borrower continues to own and occupy the property.
The borrower’s maximum income cannot exceed 120% of the area median income for the Bloomington/Normal Metropolitan Statistical Area ( McLean County). As such, the maximum income is $82,680. However, there are no income limits if the property is located in HUD designated underserved, low- and moderate-income area.
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