NWHP Creates Partnership to Offer Homebuyer Assistance for Low to Moderate Income Earners

Schaumburg-based non-profit, North West Housing Partnership (NWHP) is proud to announce a new partnership with Wintrust Community Banks, which provides up to $2,000 in downpayment and closing cost assistance for individuals whose goal is to purchase a home in six area townships, including Barrington, Palatine, Schaumburg, Ela, Hanover or Cuba.

The Barrington Bank & Trust Homebuyer Grant Program is jointly funded by Barrington Bank & Trust and Wintrust Mortgage. The program is offered through Schaumburg-based non-profit, North West Housing Partnership, a leader in the creation and development of public and private partnerships to make home ownership possible for individuals with low to moderate incomes. Assistance is available for purchases on one or two-unit, attached, detached, or condominium properties.

“As a true community bank, we’re always proud to offer events and programs that benefit our community," said Barrington Bank & Trust Chairman & CEO Brad Stetson. “We are thrilled to be partnering with NWHP to offer this new program; it is a tangible way to help build our local economy, and gives people who have ‘hit the wall’ in the home buying process a tool to make the dream of home ownership, a reality.”

In order to qualify, homebuyers are required to:

• Be applying for first-mortgage financing with a mortgage lender.
• Have an annual household income at, or below 80-percent of the HUD median income of the county in which the property is located.
• Contribute a minimum of $1,000 from personal funds toward the purchase of the home.
• Complete a NWHP Home Buyer Workshop prior to receiving grant funds.
• Be applying for a minimum five-year loan term and, on adjustable rate mortgages, the initial interest rate lock period must be a minimum of five years.

The next NWHP Home Buyer Workshop will be held on Saturday, October 15, 2016 from 9 a.m. until 3 p.m. at North West Housing Partnership, 1701 E. Woodfield Road, Suite 312 in Schaumburg.

For more information, or if you have questions about how to qualify for this program, please contact NWHP at 847-969-0561 or visit www.NWHP.net.