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City of Decatur Homebuyer Assistance Program

Administered by: City of Decatur Neighborhood Revitalization Office · City · Forgivable Loan

Funding status: Active

How much assistance

Up to $14,999 (Forgivable Loan)

0% interest, 5-year deferred forgivable loan. Fully forgiven after five years of owner-occupancy.

Eligibility

  • Income limits: At or below 80% HUD Area Median Income. Non-retirement assets must not exceed $50,000.
  • Purchase price limit: $117,800
  • First-time buyer required: No
  • Geographic restrictions: Single-family detached home within the City of Decatur, IL city limits. Purchase price between $25,000 and $117,800.
  • Homebuyer education required: Yes

How to Apply for City of Decatur Homebuyer Assistance Program

Step 1: Secure a signed purchase contract, complete HUD-approved homebuyer counseling and a City-approved property maintenance course, obtain mortgage pre-approval from Heartland Bank & Trust, Regions Bank, or Busey Bank, and apply to the City of Decatur Neighborhood Revitalization office.

Visit program website

Notes

HOME-funded program. Requires financing through one of three participating banks: Heartland Bank & Trust, Regions Bank, or Busey Bank.

Cities Where This Program Is Available