Make the Smart Move when Purchasing a McHenry County New Home
Are you a home buyer looking to purchase your first McHenry County new home, but in need of some assistance? The Illinois Housing Development Authority (IHDA) can help you go from potential home buyer to first-time homeowner through their SmartMove assistance program.
This excellent program offers affordable interest rates and down payment assistance for buyers needing a little help in order to purchase their dream home. Highlights of the program include:
- First mortgage with an affordable interest rate.
- Second mortgage up to $6,000 for down payment and/or closing cost assistance.
- Variety of loan products including FHA, VA, USDA and conventional loans.
- Reduced PMI pricing for conventional loans.
In order to qualify, home buyers most meet the following requirements:
- Must be a first-time home buyer. This requirement is waived if you are a veteran or purchasing in a targeted area.
- Buyerâ€™s household income and the purchase price of the property must be under applicable limits.
Applicable limits vary per county. In McHenry County, the income limit is $90,960 for a family of one or two and $106,120 for a family of three or more. The purchase price limit for McHenry is $378,461. In Boone County, the income limit is $77,160 for a family of one or two and $90,020 for a family of three or more. The purchase price limit for Boone is $313,154.
At Gerstad Builders, we offer affordable new homes at two communities in McHenry County, Liberty Trails in McHenry and The Trails of Pheasant Ridge in Richmond, and one community in Boone County, The Trails of Dawson Creek in Poplar Grove. Home prices are below the purchase price limit with new homes available starting in the mid-$100,000s.
With assistance from the IHDA and affordable prices from Gerstad Builders, now is a great time to purchase Boone and McHenry real estate. For more information on our beautiful new homes, visit www.GerstadBuilders.com.