university assisted housing program
Eligibility Criteria
Faculty and Staff must meet ALL the following criteria in order to be eligible for the UAH program loan:
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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.
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Must have completed one year of full time, benefits eligible service with Loyola University Chicago.
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Must be an employee in “good standing” and with prospects of continued full time employment.
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Attend UAH’s Home Buyer Education and Counseling session (3 hours) 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.
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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.
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Must be able and willing to contribute at least $1000 or 1% of the purchase price, whichever is greater from their own savings
*The UAH Program is limited to no more than 25 loans per year and applications will be processed on a first-come, first-served basis after the home ownership education and counseling session is completed.