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University Assisted Housing Program

 

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University Assisted Housing Program Information

Loyola’s University Assisted Housing Program (UAH program) is designed to encourage home ownership in the city of Chicago, near the Lake Shore and Water Tower campuses, by assisting our eligible faculty and staff members with closing costs and down payment assistance for the purchase of a home or condominium as a primary residence. 

Loyola’s UAH program partners with the Metropolitan Planning Council and Rogers Park Community Development Corporation to educate and prepare all participants for home ownership, as well as connect Loyola faculty and staff with available University, city and state funding in order to make home ownership a reality.  

Each year, the program will provide up to 25 faculty and staff members with a five-year forgivable loan of up to $10,000; however, the amount of the loan given will depend on the faculty or staff member’s median household income, and the geographical location of the purchase location. 

To be considered for this program please begin by filling out the application.

Use the above links to find out more information about this great benefit or please call Human Resources at 312-915-6175.

   Eligibility Requirements

Must meet ALL the following criteria in order to be eligible for the UAH program loan:

  1. Must seek to purchase a home within the Main Community Areas, which include Rogers Park, Edgewater, Uptown, Lakeview, Lincoln Park, Near North Side and the Loop, or with the targeted census tracts as identified on UAH Program Target Area Map near the Lakeside Campuses.
  2. Must have completed one year of full time, benefits eligible service with Loyola University Chicago. 
  3. Must be an employee in “good standing” and with prospects of continued full time employment. 
  4. Attend UAH’s Homebuyer Education and Counseling session (3 hours), attend a One-on-One Mortgage Readiness Assessment and demonstrate a commitment to working with the EAH Program by meeting pertinent regulations stipulated by participating lenders, including, but not limited to credit counseling and additional education.   
  5. Must be able to qualify for mortgage financing with an interest rate of no more that 200 basis points above the Fannie Mae conventional 30 year mortgage rate.
  6. Must be able and willing to contribute at least $1000 or 1% of the purchase price, whichever is greater from their own savings.

   HomebuyeR Education Course & One-on-One Mortgage Readiness Assessment 

The mandatory, first-time, homebuyer education & counseling course and the one-on-one mortgage readiness assessment are both offered by our non-profit partner, Rogers Park Community Development Corporation (www.rogersparkcdc.org). 

The homebuyer course covers topics of budgeting, credit, shopping for a home, purchase contracts, mortgage comparison, real estate professionals, closing, property taxes, refinancing, and assistance programs available in the Chicago region.  After you have completed the homebuyer education & counseling course, you can then schedule the one-on-one mortgage readiness assessment with Rogers Park Community Development Corporation.  This is where you will develop your own housing access plan by reviewing budgets, determining mortgage prequalification amount and pull credit.

All participants are awarded a certificate of completion which is needed to qualify for Chicago’s first time homebuyer programs as well as conventional mortgage products designed for first time buyers.  

Please contact Agustin Valdovinos to register for the homebuyer education course & the one-on-one mortgage readiness assessment.

Agustin Valdovinos
Rogers Park Community Development Corporation
1411 W Lunt
Chicago, IL 60626
PH: 773-262-2290 x11
Fax:  773-262-2537
email: agustin@rogersparkcdc.org

web:  http://www.rogersparkcdc.org/

   Steps to Home Ownership

  1. Complete the eligibility application
  2. Human Resources verifies if you meet the eligibility requirements.
  3. Schedule & attend the homebuyer education & counseling course conducted by RPCDC.
  4. Develop your own housing access plan during the one-on-one mortgage readiness assessment conducted by RPCDC.
  5. RPCDC issues a home ownership education course completion certificate.
  6. Human Resources verifies if you still meet UAH program eligibility requirements at time of closing.
  7. You sign a loan agreement and a promissory note with RPCDC at closing.
  8. UAH program funds issued at closing-Faculty or Staff member becomes a home owner.