Up to $3200 in Homebuyer Assistance Grants are now available to purchase homes in Fulton, and Morrison, IL. Buyers must purchase a building in the Economic Growth Corporation (GROWTH) “Single-Family Purchase Rehabilitation Program.” GROWTH is in partnership with the City of Fulton and City of Morrison.
Homebuyers wishing to purchase any of these five homes require only $1000 for down payment. In order to accomplish such, GROWTH is offering downpayment and closing cost assistance to homebuyers.
Grant assistance varies and is based on the sale price of the home, using 97% financing as the basis.
GROWTH purchased and rehabilitated four homes in Fulton and one home in Morrison. They are for sale at www.NWIHC.com.
- Fulton home at 1603 7th Street ($123,900), 3 Bedroom, 1 Bathroom, $1,000 down payment (buyer) $2,297 downpayment grant (GROWTH) $738/ month.
- Fulton home at 822 Fowler Road ($139,900), 3 Bedroom, 1 Bathroom, $1,000 down payment (buyer) $3,200 downpayment grant (GROWTH) $1,019/ month.
- Fulton home at 1220 13th Avenue ($109,900), 2 Bedroom, 1 Bathroom, $1,000 down payment (buyer) $2,717 downpayment grant (GROWTH) $965/ month.
- Fulton home at 822 9th Avenue $94,900), 2 Bedroom, 1 Bathroom, $1,000 down payment (buyer) $1,847 downpayment grant (GROWTH) $773/ month.
- Morrison home at 414 E. Knox Street ($115,900), 3 Bedroom, 1.5 Bath–$1,000 down payment (buyer) $2,477 downpayment grant (GROWTH) $755/ month.
TERMS
Homebuyer is granted up to of the home’s purchase price for down payment assistance. No rehabilitation work is performed.
Homebuyer signs a 5-year, forgivable recapture agreement.
Homebuyer must contribute a minimum $1000 to the transaction.
Homebuyer must complete an eight-hour GROWTH homebuyer education class. The class is free and held once per month in downtown Rock Island, IL. Skype is available for those who cannot attend the class in person.
Homebuyer must occupy the home upon closing.