Homebuyer Assistance

Want a home of your own, but can't meet the down payment and closing costs?

The Village of Romeoville, in association with a number of Illinois communities, offer a two-pronged approach to assist homebuyers: The Assist Homeownership Program provides families with funds to pay all or most of their closing costs and down payment and the Mortgage Credit Certificate (“MCC”) program reduces the homebuyer’s ongoing cost of borrowing.

What is the Assist Homeownership Program?

The Assist program provides assistance to homebuyers in the low to moderate income level. The program provides homebuyers with a below-market fixed-rate mortgage, a cash gift which is used to offset closing costs and as part of the down payment and other benefits.

What are Mortgage Credit Certificates?

MCC’s are a federally authorized program created as an alternative to tax-exempt housing bonds to reduce effective interest costs for qualifying homebuyers. MCC’s allow the homebuyer to qualify for a federal income tax credit equal to a percentage of the interest paid on their home loan each year. MCC holders still qualify for a regular deduction of the remaining interest paid on their home loan.