Tempo Bank Special Programs
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Specialized Home Mortgage Programs and Services for Single Family New and Existing, 1-2 Unit Dwellings

bulletTempo’s First Time Homebuyers Program
bulletTempo’s Home Buyer Pre-Qualification, Counseling and Education Program
bulletAffordable Housing Grant Assistance Program (August 8, 2013)

Tempo Bank’s First Time Homebuyers Program

Tempo Bank is offering first time homebuyers a 1/4% of 1% mortgage loan rate discount on any of the conventional and conventional insured first mortgages that Tempo has in its lending arsenal. To qualify for this discounted rate, the home being purchased must be owner-occupied; within Tempo’s Effective Local Community; the individual/individuals purchasing the home have never owned a single family residence; have submitted a complete loan application under one of Tempo’s conventional first mortgage programs; and have received credit, appraisal and underwriting approval.

A note about qualification ratios:
Underwriting guidelines for the First Time Homebuyer Program have been made more flexible because the first time buyer generally devotes a higher percentage of income to basic needs such as housing. This means that higher “payment to income” and “total debt service to income” ratios are being used to help further the qualification process. For more information about the qualification ratios, please contact one of Tempo's mortgage specialists.

Tempo Bank’s Home Buyer Pre-Qualification, Counseling and Education Assistance Program

Tempo Bank, Trenton’s oldest, full service financial institution, can make that special house your home. With our large variety of home mortgage programs, our mortgage specialists are qualified to assist potential buyers in finding a home mortgage best suited to their individual needs.

Home mortgage credit can be complex and often confusing for even the seasoned home buyer. For this reason, Tempo offers free credit counseling and education to all prospective buyers. With our flexible underwriting standards and low downpayment requirements, the prospective buyer will leave better prepared to negotiate the purchase of an affordable home. So, if you are thinking of buying a home and are not sure what you can afford, see one of our mortgage specialists before you begin your search. We can prequalify you to determine your home loan price range.

To participate in the Pre-Qualification, Counseling and Education Assistance Program the individual/s must reside within or are relocating to Tempo’s Effective Local Community. For more information on these important programs, please contact one of Tempo’s mortgage specialists.

Affordable Housing Grant Assistance Program

Making Homeownership a Reality!

Tempo Bank is pleased to announce that it is participating locally in a statewide program that focuses on providing up to $8,000, with a cap of 25% of the first mortgage amount, in financial assistance to qualified households in Illinois that need help in meeting downpayment requirements and costs associated with buying a home. First time and previous homeowners are eligible.  Borrower/s must make a $1,000 contribution toward purchase of home.

Tempo's Chairman and its President and Chief Lending Officer both agree that qualified very low, low and moderate income homebuyers aspiring to purchase a home but lacking sufficient funds to pay for downpayment and costs may now qualify for a grant designed to address this issue. Prospective homebuyers should contact an institution residential lending specialist to see if they qualify for grant consideration.

To qualify for grant consideration, applicant aggregate household income must be 80 percent or less than the area median family income adjusted for family size. For example, to qualify the annual household income of a family of four seeking to purchase a home within Tempo's Effective Local Community cannot exceed $55,350. The table below depicts adjusted income limits for Clinton County, Illinois. Adjusted income limits are available for the following counties in our effective local community: if you live in Bond, Madison, Monroe, St. Clair, or Washington County, IL call us for the information.

 Aggregate Income Levels Adjusted for Family Size
(HUD Income Guidelines 01/2013)

Clinton County
MFI: $69,200
1 Person 2 People 3 People 4 People
30% Limit $14,550 $16,600 $18,700 $20,750
50% Limit 24,250 27,700 31,150 34,600
60% Limit 29,100 33,240 37,380 41,520
80% Limit 38,750 44,300 49,850 55,350
  5 People 6 People 7 People 8 + People
30% Limit $22,450 $24,100 $25,750 $27,400
50% Limit 37,400 40,150 42,950 45,700
60% Limit 44,880 48,180 51,540 54,840
80% Limit 59,800 64,250 687,650 73,100

The grants are part of a program that was introduced in November 1996 by the Federal Home Loan Bank of Chicago through an affordable housing program administered by the Illinois League of Financial Institutions and participating institutions such as Tempo Bank.

Qualified households needing downpayment and cost assistance must apply for home financing at Tempo Bank and qualify under Tempo's loan underwriting criteria.

Qualified households will be eligible to receive up to $8,000 in subsidized assistance for the acquisition of a owner-occupied one or two family dwelling. The assistance provided is in the form of a 5 year forgivable grant and capped at 25% of the first mortgage amount.  Borrowers may not apply directly to either the Federal Home Loan Bank of Chicago or the Illinois League of Financial Institutions. Tempo Bank will sponsor and apply for the grants on behalf of their borrowers.  Grants are awarded on a first come first qualified basis subject to the balance of uncommitted funds remaining in the program.

For more information about the grant assistance program or to locate a bank participating in the program that is close to you, please go to the Illinois League of Financial Institutions web site.

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