Il First Time Home Buyer Program

CAHMCO which stands for Corporation for Affordable Homes of McHenry County is a first time home-buyer program for residents in McHenry County Illinois. CAHMCO assists potential first time buyers with down payment and closing costs funds. This is one of the biggest obstacles preventing home-buyers from ever buying their first home.

The assistance is provided as a 0% loan, which is forgivable after five years. So, if you live in your home for the full five years, you do not have to pay the loan back. If you do not live in the home for five years, the repayment of the loan is calculated at 1/60th of each month that has not been forgiven.

• Example; if your grant was for $5000.00 for your down payment and you sell your home after living in it for 30 months you would calculate it like this...
• $5000.00 (grant) divided by 60 months (5 years) = $83.33 a month
• $83.33 multiplied times 30 months = $2500.00 which is what you would have to pay back

I hope that example makes sense and I did not confuse you even more:)

There are also income limitations associated with the program which is calculated by the size of your household and your gross income. All homes cannot exceed $190,000 in sales price and must be located in McHenry County Illinois.

If you are interested in finding out more about this unique first time home-buyer assistance program, or any other assistance program in Illinois, please email me.

Thank you!