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CEFCU Makes $200,000 in Grants Available to Members through Downpayment Plus Program

PEORIA, Ill - Citizens Equity First CU is offering an affordable housing program that will provide up to $200,000 in financial assistance to qualified low income homebuyers who need assistance meeting the downpayment requirements and closing costs associated with buying a new home. The program called Downpayment Plus is funded...

By Staff Writer | Updated on March 02, 2004

PEORIA, Ill – Citizens Equity First CU is offering an affordable housing program that will provide up to $200,000 in financial assistance to qualified low income homebuyers who need assistance meeting the downpayment requirements and closing costs associated with buying a new home. The program called Downpayment Plus is funded by the Affordable Housing Program of the Federal Home Loan Bank of Chicago. To qualify for grant assistance, the homebuyer’s aggregate annul household income must be 80% or less than the area median family income, adjusted for family size. Through Downpayment Plus, low income qualified homebuyers can receive grants of up to $5,000 that can be applied toward a downpayment, closing costs, reserves, homeownership counseling, or other expenses related to a home purchase. In addition, a homebuyer must make a cash contribution of at least $750 toward the purchase of the home. Members have to apply for grants through CEFCU, and the credit union must apply for the grants on behalf of the borrowers. Members must also receive homeownership education to help guarantee they have a full understanding of the home buying process and the financial responsibilities of homeownership. CEFCU has $2.6 billion in assets and more than 222,000 members, making it the second largest CU in Illinois.

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