Housing agency offers homebuyer help

The North West Housing Partnership has announced a program with Wintrust Community Banks that offers down payment and closing cost assistance for one- or two-unit, attached, detached or condominium properties.

The program provides up to $2,000 in down payment and closing cost assistance for individuals whose goal is to purchase a home in Barrington, Palatine, Schaumburg, Ela, Hanover or Cuba townships.

The Barrington Bank & Trust Homebuyer Grant Program is jointly funded by Barrington Bank and Wintrust Mortgage. The program is offered through Schaumburg-based nonprofit North West Housing Partnership, a leader in the creation and development of public and private partnerships to make homeownership possible for individuals with low to moderate incomes.

"As a true community bank, we're always proud to offer events and programs that benefit our community," said Barrington Bank & Trust CEO Brad Stetson.

The new program "is a tangible way to help build our local economy, and gives people who have 'hit the wall' in the home buying process a tool to make the dream of homeownership a reality."

To qualify, homebuyers must:

• Be applying for first-mortgage financing with any mortgage lender.

• Have an annual household income at, or below 80 percent of the HUD median income of the county in which the property is located.

• Contribute a minimum of $1,000 from personal funds toward the purchase.

• Complete a Home Buyer Workshop.

• Be applying for a minimum five-year loan term and, on adjustable rate mortgages, the initial interest rate lock period must be a minimum of five years.

The next Home Buyer Workshop will be from 9 a.m. to 3 p.m. Saturday, Oct. 15, at North West Housing Partnership, 1701 E. Woodfield Road, Suite 312, in Schaumburg.

For information, call (847) 969-0561 or visit www.NWHP.net.