QUAD CITIES REAL ESTATE WITH RE/MAX

SERVING THE ENTIRE IOWA AND ILLINOIS QUAD CITIES ............................................................

DAVENPORT - BETTENDORF - ROCK ISLAND - MOLINE AND SURROUNDING COMMUNITIES

TOM & CYNDEE BROWNER - CRS, ABR, GRI

BROKER OWNERS OF RE/MAX BI-STATE - SERVING IOWA & ILLINOIS

1-563-388-0008 Office - 1-563-388-0083 Fax - 1-866-388-0083 Toll Free - 1-563-570-7629 Cell - 355-1616 Home

Have a question? The answer is just a call or e-mail away. Contact us at tom&cyndee@quadcitiesrealestate.com

We are both Accredited Buyers Representatives (Certified Buyer's Agents) we know you want to make the best decision. You want the best home possible for your investment. We know the market, and we work at your pace and not ours. We will guide you through all the forms, take you through the first time buyer programs and/or financing, inspections and explain everything each step of the way. We take care of all the details and problems before they become a problem to you. Call us on our private line at 570-7629 at RE/MAX BI-STATE or Contact us at tom&cyndee@quadcitiesrealestate.com - LOOKING TO SELL? Check out the services an Certified Residential Specialist can mean to you.

ROCK ISLAND NENAISSANCE WITH H.E.L.P.

IHDA HOME EQUITY LOAN PROGRAM

Short on money?  Want to live in Rock Island?  Section 8 Renter? Then this program may help you.

The Help program is through the Rock Island Economic Growth Corp.   It can help two ways.  It can provide a source of funding for those that can not be served through normal mortgage channels or it can provide lower mortgage interest rates.  Lending can include money for down payment, closing cost and rehabilitation.  

Homebuyer education and credit counseling sessions are offered by the Growth Program.

Special loan Products are available.  4 1/4% of the purchase price is available.  3% for down payment and up to   1 1/4% for closing cost or origination fee.  

Community Gold Purchase and Rehabilitation has easier guidelines and only requires $1000 or 2% from the buyer as down payment.  No income limits.  Some rehabilitation available as a second mortgage, various recapture times, depending on assistance.

INCOME GUIDELINES FOR DOWN PAYMENT ASSISTANCE AND REHABILITATION ASSISTANCE

4 1/2% ASSISTANCE - 3% DOWN AND 1 1/4% ORIGINATION

CITY OF ROCK ISLAND

Number in Family                 Maximum Income

1 PERSON                                                                 $31,150

2 PERSON                                                                 $35,600      

3 PERSON                                                                 $40,050

4 PERSON                                                                 $44,500

5 PERSON                                                                 $48,050

6 PERSON                                                                 $51,600

7 PERSON                                                                 $55,150

8 PERSON                                                                 $58,700

What to do:

Contact Kristi Ramirez, Housing Director                                                                                                                        Rock Island Economic Growth Corporation                                                                                                                      120 16 1/2 Street                                                                                                                                                                 Rock Island, Illinois  61201

Phone 309-788-6311

Then:

• Pick up and Fill out Application and pay the $18 application fee..
• You will be contacted if approved or not
• The best help program for your circumstances will be recommended to you.
• You will be referred to a cooperating bank if approved to be pre-qualified.
• Once Approved by bank you can begin to shop for home.
• Must take class on home ownership before or at least prior to closing on a home.
• Many different programs are available, various terms and conditions available.
• Your agent will select and show you the homes
• You will make an offer subject to the program on the home you desire.
• Inspection of Property by Program 
• Appraisal of Property by bank
• Final program grant of funds
• Closing on your new home

CURRANT PROGRAMS AVAILABLE

MORTGAGE REVENUE BOND PROGRAM

• IHDA (Home Equity Loan Program) H.E.L.P.
• Offers to qualified  first time homebuyers a gift up to 4 1/4 percent of purchase price assistance for Down Payment, Origination and Closing Cost. Regular IHDA interest rate.

COMMUNITY GOLD PURCHASE OR PURCHASE WITH REHABILITATION

• Easier underwriting guidelines
• Low down payhments, (as little as $1000 or 2% of purchase from borrower's own funds)
• Variable financing tools designed to accommodate a variety of lending needs, including purchase, refinance and purchase-rehabilitation
• No income limits
• Must attend Homebuyer Educational Seminar

HOUSING TRUST FUND

• Grants up to $5000
• Loans up to $26,500 @ 0% interst and forgivable after 5 or 10 years based on the amount of assistance provided.
• Buyers are eligible for up to $7,000 in down payment assistance and $25,000 in rehabilitation improvements
• Income limits up to 80% of area median income 

SECTION 8 HOUSING CHOICE VOUCHER HOMEOWNERSHIP PROGRAM

• Rock Island Economic Growth Corporation with Housing Authority of Rock Island with Freddie Mac.  Pioneer program to help pave the way to home ownership for Section 8 low income families.
• Participants are elgible to utilize the housing choice voucher towards monthly payments of a mortgage.

EMPLOYERS ASSISTANCE PROGRAM (EAP)

• Employees of DARI (Development Association of Rock Island) members are elgible within the program's income guidelines.
• Homebuyers are granted 5% less $500 for downpayment assistance and up to $2000 for actual closing cost.
• Funds to be available beginning 7/30/03

If you have any questions, please call Cyndee or I and we will be happy to assist you.

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