City of Aurora, Illinois – Assist Homeownership Program
Note – for details, see the Administrator’s Guidelines under GUIDELINES Tab
|LOAN TIME LINE REQUIREMENTS||Please DO NOT Reserve early. Should be qualified prior to reservation.
|ELIGIBLE LOAN TYPES||
|AVAILABLE DOWN PAYMENT ASSISTANCE||
|INCOME LIMIT CRITERIA||
|HOME ACQUISITION LIMITS||
|HOME BUYER EDUCATION||
|FICO SCORE REQUIREMENT||
|FORMS AND DOCUMENTATION||
Current Rate/Offerings – Reservation/locks – AVAILABLE from 9:00am-9:00pm Central (10-9 EDT excluding weekends & holidays)
|Rate/Offerings||FICO||Lock Rate||DPA||Effective Date|
|FHA, USDA-RD or VA||660||5.50%||3%||6/6|
|FHA, USDA-RD or VA||640-659||2%|
|FHA, USDA-RD or VA||660||6.00%||4%||5/24|
|FHA, USDA-RD or VA||640-659||3%|
|FHA w/Manual UW||640-659||2%|
|CONVENTIONAL – FREDDIE MAC|
- All Loans are Assisted Rate Loans
- non-repayable grant
- Assistance is based on the Final Loan Amount
eHousingPlus is the Program Administrator, and provides some of the following services:
| Administrator Guidelines
The Following Lenders have been approved to originate loans in this Program:
- 1st Advantage Mortgage LLC
- Allied First Bank
- Alpine Bank & Trust Co
- American Chartered Bank
- BBMC Mortgage, a Division of Bridgeview Bank Group
- Blackhawk Bank
- Blueleaf Lending, LLC
- Busey Bank
- Caliber Home Loans
- Central Illinois Bank (CIBM)
- Compass Mortgage, Inc
- Evolve Bank & Trust
- Fairway Independent Mortgage Corporation
- First Centennial Mortgage
- First Midwest
- Fortress Bank
- Guaranteed Rate Affinity
- Guaranteed Rate Inc
- Heartland Bank and Trust Company
- Herget Bank, N.A.
- Inland Home Mortgage
- loanDepot.com, LLC
- Midwest Community Bank
- Mortgage Services III (MSI)
- PrimeLending, a Plains Capital Company
- Standard Bank and Trust
- Town and Country Bank
- Wells Fargo Home Loans
- Wintrust Mortgage,a division of Barrington Bank & Trust Company, NA
Interested in becoming a participating lender? Contact us.
- 4/23-AIS Freddie Mac subsidy is revised to flat amount (80% AMI is $1,500) – for details, please see the Administrator’s guidelines.
- 10/31- revising language related to DTI- US Bank HFA Division now permits DTI up to 50% on Conventional loan products (FHLMC HFA Advantage)
- 9/19 – revised income & acquisition limits
- 1/30- effective 1/2, the program will no longer require borrowers to be first time homebuyers.
- 5/24-revised home buyer education providers
- 12/1- MANUFACTURED HOMES are eliminated
Loan Processing, Delivery and Purchase Timetable:
Once a loan is reserved in the eHousingPlus system and is provided the Servicer’s Loan number, the loan must be:
(1) underwriter certified within 30 days of loan reservation
(3) purchased within 70 days of loan reservation.
Any loan not purchased within 70 days is ineligible for purchase unless the lender chooses a one-time only 30-day extension. Again, the extension is offered once per loan and no further extensions will be allowed. Furthermore, regardless of choosing an extension, any loan not purchased within the approved timeframe will become the liability of the originating lender, including any down payment assistance provided at closing.
- eHP Lender Program Training
- Required for everyone participating in the program
- offered 24/7
- Click here to attend Program training
- eHP System Training*
- After you complete the online Lender Program Training, information is provided as to what happens next.
- Click here to register for system training
Should you have any questions on training, please contact firstname.lastname@example.org
* System Training is required at least once, so that users gain the knowledge necessary to originate and manage their loans on-line. eHP University provides additional opportunities to re-train and/or refresh your system knowledge. Recurring (experienced) system users do not need to attend system training.