EDWARDSVILLE — For many first-time buyers, the biggest barrier to homeownership isn’t finding the right house — it’s coming up with the cash to get in the door. In Madison County, a local program aims to close that gap, offering financial assistance to help residents move from renting to homeownership.
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The Madison County HOMEbuyer Assistance Program provides eligible applicants up to $15,000 to assist with down payment and closing costs, easing one of the most significant hurdles in the homebuying process.
“The goal is to make homeownership more accessible for working families who are ready but may need help getting started,” Community Development Administrator Stacey Pace said. “This program gives them the opportunity to invest in a home and build long-term stability.”
The program targets first-time homebuyers whose household income falls at or below 80% of the area median income. Applicants must use participating program lenders, meet key requirements, including a minimum credit score of 620 and completion of a U.S. Department of Housing and Urban Development-certified homebuyer education course, the homebuyer counseling certificate, must be completed within the past year, is also required.
Funds through the program may be used to purchase new or existing single-family homes, one- to two-unit properties, or condominium units. In addition to down payment assistance and eligible closing costs.
To qualify, households must fall within income limits set for the St. Louis, Missouri-Illinois HUD Metro Fair Market Rent Area. For example, a family of four must earn no more than $89,100 annually to meet the 80% income threshold.
The program also outlines a detailed application checklist, requiring documentation such as a signed sales contract, mortgage application, credit report, proof of income, employment verification, and bank statements. Buyers must also secure lender approval and provide documentation related to the property and transaction.
Before closing, additional requirements include an appraisal, title commitment, insurance verification, and proof of at least $1,000 invested in the purchase.
Officials say the program not only helps individuals and families achieve homeownership, but also strengthens communities by increasing stability and long-term investment in local neighborhoods.
For more information about the Madison County HOMEbuyer Program, residents may contact the Madison County Community Development office at 618-296-4201.
