Decatur ended April 2024 with 1.9 months of inventory—technically a seller’s market, but only in the under-$150K band. Listings between $150K and $275K sit about 38 days, giving conventional buyers room to negotiate 1-2 % below ask. Cash investors from Chicago and St. Louis have poured in since 2021, snapping up rentals under $80K, so if you’re financing you’ll compete best with a fully-underwritten NMHL pre-approval that shows 20-day close instead of the typical 45-day FHA timeline.

• Median sold price: $98,000, up 4.1 % YoY
• Average seller concession: $1,200 on contracts that closed with NMHL financing
• Hottest micro-markets: West End (19 DOM), Oakley (21 DOM), and the triangle between Fairview Park and Millikin University where students’ parents buy 3-bed rentals

If you’re house-hacking, a $95K duplex on Grand Avenue will rent the second unit for ~$725, covering 70 % of the 5 % down payment mortgage payment.

Illinois’ flagship IHDA Access Forgivable gives 4 % of the loan amount at 0 % interest and forgives 1/10 every year—perfect for Decatur’s price points where 4 % equals $3,800 on a $95K purchase. Pair it with NMHL’s FHA 3.5 % down and you only need $0-$500 for down payment. If you’re a veteran or buying in a USDA-eligible pocket northeast of the city (Forsyth, Mt. Zion, Oreana), you can layer the $5,000 HOME Consortium grant on top of 100 % VA or USDA financing for instant equity.

Teachers, firefighters, and nurses earning under $65K can also tap Illinois’ SmartBuy—up to $40K in student-loan payoff—because Decatur’s AMI for a family of two is $72,900. NMHL’s Decatur branch has already closed 42 SmartBuy deals this year, wiping out an average $28,400 in student debt and dropping DTI by 4-6 points.

Macon County’s affordable prices mean smaller loan amounts, so NMHL can approve FHA down to a 560 score with compensating factors like 3 months of reserves or a $500 self-help escrow for minor repairs. If your score is under 580, plan on 10 % down—still only $9,500 on a median-priced home. We also offer Manual Underwrite FHA for borrowers with no traditional credit: we’ll use 12 months of rent checks, utility bills, and car insurance to build a non-traditional report.

For past credit events, Decatur’s timeline is forgiving: you can qualify for a conventional loan two years after Chapter 7 discharge if your middle score is 660 and you’ve re-established two trade lines. FHA only requires one year of on-time payments after a Chapter 13 filing. NMHL keeps a local credit-repair concierge—a HUD-certified counselor who meets clients every Tuesday at the Decatur Public Library and typically adds 30-40 points in 60 days by paying down Revolve-to-Balance ratio under 30 %.

Whether you run a landscaping crew in the summer or farm 1,200 acres outside Warrensburg, traditional W-2 income docs rarely tell your full story. NMHL’s 12-Month Bank Statement program lets sole proprietors and 1099 contractors qualify with an average monthly deposit figure—no tax returns, no K-1s. We can gross-up deposits by 50 % or use your actual expense ratio if you keep detailed receipts. Loan amounts go to $647K, so you can buy that hobby-farm on Route 48 with a barn and 10 acres with just 10 % down.

Macon County’s soil productivity lowers property risk, so our Decatur appraisers rarely flag acreage as excess land—a common issue that kills deals in other IL counties. If you collect Section 8 vouchers from rental units on Grand or Edward, we’ll count 75 % of that income after only a six-month history, compared to big banks that demand two years.

VA loans are on fire in Decatur: zero down, no monthly PMI, and average 5.875 % rates when tied to a 670 score. Macon County’s median price means 100 % financing on a $98K home keeps your funding fee at only 1.25 %—$1,225—often rolled into the loan. Starting January 2024, Illinois grants a $5,000 property-tax exemption for veterans with 30 % or greater service-connected disability; on a $98K assessment that wipes out roughly $340 per year for life.

NMHL’s in-house VA team orders the appraisal the day you sign, and because we use the same VA-approved Decatur appraisers every month, we’re seeing 8-day turn-times. We also waive the 1 % origination fee for veterans who complete our free 45-minute Homeowner Bootcamp at the Decatur VFW—saving you $980 on a $98K loan.

Illinois’ equalization factor for Macon County is 0.9465, so your assessed value equals 33.33 % of market value multiplied by 0.9465. On a $98K sale, expect an assessed value near $31K and a tax rate around 7.5 %, producing an annual bill of ~$2,325. Payment breakdown: school district 60 %, city 15 %, county 10 %, junior college & forest preserve the rest. Because assessments lag, buyers often get a surprise jump the second year—budget 10-12 % growth.

Homeowners insurance runs $1,050-$1,200 for a typical 1,400-sq-ft ranch because Decatur sits east of Tornado Alley but still sees hail. Flood zones are minimal: only a sliver of the Sangamon River basin near Faries Park is AE, so most buyers skip flood coverage. NMHL’s insurance affiliate can bind same-day coverage with a $500 deductible, shaving $80 off annual premiums compared to national carriers.