City of Pekin Home

First-Time Home-buyers Down Payment Assistance Program

Want a home of your own, but can't meet the down payment and closing costs?

The City of Pekin, in association with a number of Illinois communities, now offers a way for you to get a home of your own through its sponsorship of the Assist Program, a first-time home buyer's down payment assistance program. Please call one of the participating lenders listed below.

What is Assist?

Assist is a program that will offer individuals and families with the FHA/VA, or conventional, 30-year, fixed-rate mortgage and offers a full 4.25% cash gift on the amount borrowed on a mortgage to qualified home buyers for homes in the City of Pekin.  The cash gift may be used to offset some or all of the home loan's down payment and closing costs.  Assist minimizes the amount of money you need on hand to purchase your home.

Am I Eligible?

The program is open to individuals and families who:
        -meet the income and purchase price requirements
        -have not owned a home in 3 years
        -meet the qualifying requirements for a mortgage loan
        -will use the home as their principal residence
        -will use the program for a home purchase, not refinance

What Type of Home Can I Buy and How Much Can I Spend?

Homes that meet the program guidelines are new or existing, owner-occupied, single-family homes, town homes and condominiums.  Purchase price and income limits are as follows:

Purchase Price Limits:    

• Non-Targeted Area:
  New - $237,030
  Existing - $237,030
• Targeted Area:
  New - $289,700
  Existing - $289,700    

Income Limits:  

• Non-Targeted Area:
  1 or 2 persons - $66,300
  3 or more - $76,245
• Targeted Area:
  1 or 2 persons - $79,560
  3 or more - $93,820 

How Do I Sign Up?

1.    Contact any of the participating lenders set out below.
2.    Meet the program guidelines and qualify for the new home.
3.    Close on your purchase and enjoy your new home.

Participating Lenders: