North West Housing Partnership (NWHP) – Wintrust Community Bank Down Payment Program

Special Alert

Maximum Purchase Price

$225,000

Contact Info:

http://www.nwhp.net/ 1701 E. Woodfield Road, Suite 203, Schaumburg, IL 60173 847-969561

Limitations

Credit Score Requirements

Wintrust grant program does not have a minimum credit score requirement. Based on 1st mortgage requirements.

Deferred Payments?

Accepted First Mortgage Type:

Freddie Mac, Fannie Mae, FHA 203(b), HUD Section 184 (tribal), VA, USDA / RD

Homeowners Education Class:

Required

Is Forgivable?

Location:

1 City, 14 Counties The program covers the six-county Metro Chicagoland area (partial Will County and partial McHenry County), Lake County, Indiana and the Wisconsin counties of Kenosha, Racine, Milwaukee, Waukesha, Ozaukee, Washington and Dane, and Naples Township in Collier County, Florida.

Income Limitations:

Yes Income limits from FFIEC 2022 80% AMI guidelines The household is income-eligible based on the FFIEC Estimated Median Family Income and the Income Calculation Guidelines in use at the time of reservation by Wintrust.

Maximum Assistance

$2,000 Up to $2,000 for down payment and closing costs.

Education Requirements Info:

Buyer must complete a no-cost homebuyer counseling program with North West Housing Partnership: https://nwhp.net/workshops/ Wintrust is NOT allowing eHome America or Framework.

Eligible Property Types:

Single Family Detached Condo Townhome/PUD Manufactured Home

Income By Household Size:

$1,000 Buyer must contribute a minimum of $1,000 from personal funds toward the purchase of a home.

Qualifying Ratios:

Housing Ratio: β€” Total DTI: Up To 45% Lenders originating loans with total debt-to-income rations exceeding 45% must provide a written explanation regarding household affordability.

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