Illinois Compiled Statutes 310 ILCS 115/20 – Qualifying for loan
Current as of: 2024 | Check for updates
|
Other versions
In order to qualify for a loan under this Act, all of the following criteria must be met:
(1) The borrower must qualify as a teacher.
(2) The borrower’s gross household income must not
(1) The borrower must qualify as a teacher.
Terms Used In Illinois Compiled Statutes 310 ILCS 115/20
- Deed: The legal instrument used to transfer title in real property from one person to another.
- Mortgage: The written agreement pledging property to a creditor as collateral for a loan.
(2) The borrower’s gross household income must not
|
exceed 125% of the area median income, as defined by the U.S. Department of Housing and Urban Development.
|
(3) The residence financed under this Act must be
|
continuously occupied by the borrower as his or her principal residence for at least 5 years following the recordation of the deed of trust securing the subordinate mortgage loan. If the borrower fails to meet this condition, the principal and accrued interest of the loan is immediately due and payable.
|
(4) The residence being financed must be a
|
single-family residence, condominium, or manufactured home located within the boundaries of the school district that employs the borrower.
|