Who we are

Founded in 2001 METEC is a non-profit 501c(3) organization that was established to provide economic opportunities for families that live in Peoria, specifically those earning low-to moderate wages. We believe the road to improving ones economic well being, starts with financial literacy. Financial education is the core of every program METEC offers. METEC is a HUD-approved housing counseling supplier with expertise in homeownership and downpayment program administration. Our programs now serve more than seven counties including Peoria, Knox, Tazewell, Stark, Woodford, Mason, and Fulton.

Mission

Empowering families and individuals to improve their financial well-being through housing counseling, credit counseling, financial education, and employment preparation.

 

 

 

 

 

 

 

 

 

Homeownership Downpayment Assistance Program

Saving for a home can be difficult and in spite of what’s happening in the housing market and the economy nationally, it’s still a good time buy a home in Peoria and surrounding counties. METEC is committed to making the dream of homeownership a reality. Our Home-buying Made Easy Program offers down-payment assistance to first time borrowers. See if you qualify.

Home buying Made Easy Program offers down payment assistance to first time borrowers. A first-time homebuyer is defined as a person who has not owned a property for the past 3 years. Exceptions are made for newly-divorced single persons/parents (within the past 3 years). Down payment funds are made available through the Illinois Affordable Housing Trust Fund and the Federal Home Loan Bank affordable housing program and can only be used for down payment assistance or closing cost.

Funds will range from $3000 to $7000 depending on household income, household size and lender; $5000 will be issued as a forgivable grant for families at or below 50% the Area Median Income AMI; $3000 for households between 51% and 80% AMI. Disabled individuals are eligible for $5000.00 with AMI not exceeding 80%.

The assistance will only be provided on purchases that meet the following criteria:

  • The mortgage interest rate cannot be more than 2% higher than the conventional rate
  • Mortgage must be a fixed rate, fully amortized with a term of at least 20 years
  • Any exotic mortgage products are not acceptable, this includes interest only loans, adjustable rate loans, and 80/20 loans.
  • The loan origination fee charged by the lender cannot exceed 1% of the total purchase price.
  • The purchase price of the property cannot exceed the appraised value of the property.
  • Property taxes and insurance must be escrowed.
  • Borrower must contribute $1000 towards down payment.
  • The property must be single-family.
  • The property can be in one of six counties, Peoria, Marshall, Tazewell, Knox, Stark, and Woodford

The affordability period on the grant will be 5 years; IHDA/ FHLB will record and hold a soft second mortgage against the property for the 5-year period. The mortgage will be assumable or transferable only to an income eligible person or family.

Participants are required to meet with METEC staff to determine program eligibility, attend credit counseling and a homebuyer’s education course taught by METEC. The homebuyer’s class is available 24/7 online or bi monthly at METEC. Check our calendar for the next class.

Participants must provide all necessary demographic and income information, tax returns, banks statements, two most recent pay check stubs. Housing ratio indicates what portion of an individual's income is used to make mortgage payments. It includes the household’s principal, interest; taxes and insurance payments divided by the monthly gross income and are expressed as a percentage.

Definition: Total debt ratio indicates what portion of a person's monthly income goes toward paying debts and obligations and is expressed as a percentage. Total monthly debt includes expenses such as mortgage payments (made up of PITI), credit-card payments, child support and other loan payments are divided by the household’s monthly gross income. Condo assessments or HOA fees should also be included.

The maximum allowable ratios are: 31% housing debt-to-income and 41% total debt-to-income.

Application/Processing Fee – A nonrefundable $500 processing fee is required for all applicants. The fee covers the cost to process the application. It is not a part of the borrower’s $1000 contribution. The fee can be paid when you submit an application or you can have the proceeds taken out of your down payment funds.