Determining Borrower Grant Eligibility
A Guide to the Income Limit Tables
|
SPECIAL NOTE FOR CONSUMERS:
Consumers should follow the instructions noted below to
determine the income limits for their area and household size.
Consumers using these tables, please note that comparing
your estimated annual household income to the income limits listed
in these tables can only give you a general indication of your
likely eligibility for the Downpayment Plus® program. Calculating
annual household income for purposes of the program is the
responsibility of your lending institution. Your lender will
determine if you are eligible for the program. Therefore, you should
contact a Participating Lending Institution in your area to learn if
you are income qualified for the program.
|
Lenders participating in the Federal Home Loan Bank of Chicago's Downpayment Plus program are to use the
Income
Tables to determine if a prospective borrower (consumer) is
qualified to receive a grant.
The data identifies the various metropolitan and non-metropolitan
areas throughout Illinois and provides information on income limits
based upon area and household size. The counties comprising the
metropolitan areas are listed with the tables.
Please note that the income eligibility limits vary by area and
household size.
To determine if a borrower/consumer qualifies for a grant use the
following procedure:
1. Ascertain the borrower's total annual household income. (When
calculating annual household income, include the annual income
received by all household members 18 years of age or older,
regardless of whether or not they are listed in the Mortgage and
Note as borrowers or co-borrowers.)
2. Ascertain the MSA/County in which the property to be purchased
is located.
3. Ascertain the number of persons within the household.
Read the LOW INCOME limit (3rd row of numbers) for the appropriate area and household
size. If the borrower's total annual household income
is greater than this number then the borrower is not qualified for
grant consideration. If the borrower's aggregate annual household
income is equal to or less than this income amount then the
household is qualified for grant consideration.
"Downpayment Plus", "DPP", "Downpayment Plus Advantage", "DPP Advantage"
and "MPF" are registered trademarks of
the Federal Home Loan Bank of Chicago.
