The Madison County HOMEbuyer Program is Now Open!
We are happy to announce that Madison County Community Development has received additional funding for our HOMEbuyer Program. We will begin taking applications for our 5-year forgivable loans for down payment and closing costs immediately.
Applications for this program should be available through your local lender. If you are not currently working with a lender, please use the link on this site for a list of local lenders who participate in this program and have the application package for it. Applications are only taken through participating lenders.
The HOMEbuyer Program brochure, which explains the program in more detail. You will note that an inspection and homebuyer counseling are required. Lists of participating inspectors and approved counseling agencies are available through your lender or this office.
Madison County Lender List
If you feel that your credit may disqualify you from purchasing a home at this time, Justine Petersen Housing and Reinvestment Corporation has a free credit repair program that may help you.
The primary objective of the Madison County HOMEbuyer Program is to increase the home ownership rate, especially among lower income and minority households, with the ultimate goals of revitalizing and stabilizing communities. The HOMEbuyer Program assists with one of the largest obstructions to home ownership -- the down payment and closing costs -- by providing funds for down payment and closing costs to eligible individuals. Depending on the individual’s or household’s income, financial assistance up to $5,000 may be available.
To be eligible for HOMEbuyer Program assistance, individuals must be low- or moderate-income first-time home buyers interested in purchasing single-family housing. HOMEbuyer Program funds may be used to purchase existing or newly-constructed one to two unit family housing, condominium units. Households that qualify for HOMEbuyer Program assistance must have total household incomes that do not exceed 80% of area median income.
Household Size Gross Income
June 1, 2018
Income guidelines are based on HUD data and are subject to change without notice.
Madison County HOMEbuyer Program funds may be used for down payment and closing costs. Eligible closing costs may include, but are not limited to, appraisal fees, credit report fees, inspection fees, home buyer counseling fees, settlement and title fees, underwriting and processing fees.
For additional information on the Madison County Development Community HOMEbuyer Program contact Karon Wolfe at (618) 296-4385.