Whenever a new assistance program comes out, we like to highlight it. This one we are really excited about. Because it is FREE money (if you meet the criteria.)
The city of Bloomington will give you up to $10,500 to use towards a down payment or closing costs if you purchase a property (condo, townhome, single family, or duplex) within the city limits and live there through January 1, 2027. If you move earlier or don’t meet all those requirements it is a loan against the property that will need to be paid back, but otherwise this loan is completely forgiven!
And if that is not exciting enough –
- You don’t need to be a first-time homebuyer
- There is no purchase price limit.
- This program can work in addition to any other assistance program including the state first time home buyer money, providing you additional funds for down payment.
- It can be used in conjunction with any prime mortgage type FHA, conventional, VA etc.
There are some catches however:
- Income limits can not exceed 80% of median income for the family size. (Contact us for specifics)
- Buyer must complete a homebuyer class, but they do recognize classes from numerous sources. They must also complete a one-to-one financial homebuyer counseling session at least 30 days prior to closing.
So, if you are eligible for this program – let’s get looking.