To support homeownership in Rock Island, Rock Island Economic Growth Corporation (GROWTH) offers a variety of homebuyer assistance programs for individuals or families wishing to buy a home anywhere within the city limits of Rock Island.
GROWTH can provide funds to help with down payment, closing costs, and even improvements to the home after you buy it. All of GROWTH’s programs include individualized counseling and an educational workshop that will lead you through the process of selecting, purchasing, and maintaining a home.
Funding is allocated on a first-come, first-serve basis.
Why Should I Apply for the Homebuyer Program?
Very simply, because you may be eligible for thousands of dollars in assistance for a down payment, closing costs, or renovation costs. Up to $10,000 for down payment and closing costs, and up to $30,000 for improvements could be available.
When Should I Apply?
As soon as you begin thinking seriously about purchasing a home in Rock Island, you should complete an application. GROWTH's housing staff is here to guide you through the entire process, from start to finish. If you wait until after you make an offer, it may be too late.
Do I Have to Get a Home Loan?
You will need to qualify for a first mortgage loan from an approved lender. GROWTH works with homebuyers on a daily basis to help them obtain financing that is affordable and easily understood.
What About a REALTOR®?
GROWTH strongly encourages you to work with a qualified REALTOR®. Find one that you are comfortable with because he/she can save you a lot of time and money.
How Long Does it Take?
Once a completed application has been submitted, GROWTH's housing staff will typically be able to review your completed application and provide a plan of action within 5 business days. Staff will also schedule a meeting with you to review the plan and help you take steps needed to apply for a first mortgage loan from a participating lender of your choice. Once approved for the program, offers to purchase a home must allow for 60 days between acceptance of the offer and closing (home purchase).
Homebuyer Program Details
Click here for a list of details regarding GROWTH's available homebuyer programs. These details outline the programs that are currently available including income limits. A list of eligible employers for the Live Work program is available here.
A budget worksheet will help you figure out you budget household expenses. This document is required, and is recommended as the first stop before considering home ownership. Click here to download the budget worksheet.
What Are the Steps?
GROWTH wants you to have a positive homebuyer experience! While using any of GROWTH's housing programs, it is important to follow the steps outlined on this page.
Prior to closing on the home, the homebuyer must attend a homebuyers' workshop. The 2014 Homebuyer Class Schedule is now available! Please call our office to reserve your space at 309.788.6311. Rock Island Economic Growth is an Adopter of the National Industry Standards for Homeownership Education and Counseling.