Wintrust announces Homebuyer Grant Program
ROSEMONT -- Wintrust Financial Corp. announced the creation of the Homebuyer Grant Program to help new homeowners who need help covering the cost of a down payment.
Wintrust has partnered with a number of local nonprofits to create the program, which can offer up to $2,000 to qualifying first-time homebuyers purchasing a home as their primary residence. The program can also be paired with federal, state and local grants or loans.
In order to qualify for the grants, homebuyers need to be applying for their first mortgage and have an annual household income at or below 80 percent of the U.S. Department of Housing and Urban Development's median income for their area. Homebuyers must also contribute at least $1,000 from personal funds and complete a homebuyer counseling program. Those who qualify must apply for a minimum five-year loan term and, on adjustable rate mortgages, an initial interest rate lock period of five years minimum.
"We don't think a high down payment should stand in the way of someone buying a new home," said Wintrust President & CEO Ed Wehmer. "There are plenty of people who qualify for a mortgage, but can't make a new home a reality because of the down payment. That's why we're offering this program. We wanted to support the housing market in a responsible way."
The grants are available at any Wintrust Community Bank location through partnerships with local nonprofits associated with each bank. Participating nonprofits include: South Suburban Housing Center, AHC of Lake County, Latin United Community Association, Housing Resources Inc., Greater Southwest Development Corporation, H.O.M.E. DuPage Inc., Northwest Housing Partnership, and Chicago Urban League to offer the grants to families and individuals across the greater Chicago area. Those looking to apply can get more information about which nonprofit partner to contact by visiting www.wintrust.com/buyergrant.