Home Buyer's Assistance Program

For Downpayment assistance programs & VA programs contact: 

IHDA 
Scott Bush 
Illinois Housing Development Authority 
401 N. Michigan Avenue, Suite 700 
Chicago, IL 60611 
Phone: (312) 836-5200 

Getting an IHDA Loan 

Buying your first home can be an exciting and intimidating process. With 
the SmartMove loan, IHDA strives to make the process as streamlined as 
possible so you can achieve your goal of homeownership. 
For an overview of the program and the necessary steps to obtain a 
SmartMove loan, please see below. 

Program Overview 
The SmartMove program offers a variety of affordable loans to: 
* first-time homeowners 
* non first-time homebuyers 
* homebuyers wishing to refinance their current loan 

Depending on the SmartMove loan you choose, homebuyers can receive: 
* A first mortgage with an affordable interest rate. See the _current 
rates_ (http://www.ihda.org/homeowner/currentRates.htm) . 
* A second mortgage up to $6,000 for down payment and/or closing cost 
assistance 
* Variety of loan products including FHA, VA, USDA and conventional 
loans 

Programs steps and process 
Step One: Determine if you meet the program qualifications 
Program qualifications vary depending on the SmartMove loan you choose: 
1. Down payment and closing cost assistance is only available for 
first-time buyers. A first-time homebuyer is defined as someone who hasn't owned 
a primary residence within the last three years. Exemptions to the 
first-time homebuyer requirement: 
* Veterans: If you are a veteran, both you and your spouse do not 
have to be first-time homebuyers. 
* Targeted Area: Homebuyers purchasing a home in targeted areas of 
the state are exempt from the first-time homebuyer requirement. Please review 
the _listing of targeted areas_ 
(http://www.ihda.org/homeowner/targetedAreas.htm) . 
1. Your total household income and the purchase price of your home 
must be under the program limits. Please review _income and purchase price 
limits_ 
(http://www.ihda.org/homeowner/documents/LIMITS2012_effective07-01-2012.pdf) . 

Step Two: Visit a participating lender 
After you have determined that you qualify for the program, contact one of 
our _participating lenders_ 
(http://www.ihda.org/homeowner/findLender.aspx) . 
The lender will tell you what documentation is required, and verify whether 
you qualify for the loan based on the above parameters. Additionally, they 
will qualify you from a credit standpoint. After all information is 
received, a pre-approval letter will be issued to inform you of the loan amount 
for which you qualify. 

Step Three: Look for a home 
Once you are pre-approved for a loan, you can start looking for a new 
home. 
Once you find a property and sign a contract, the lender will compile a 
loan package for final review and approval. The information will be reviewed 
by IHDA staff, as well as by your lender. IHDA's compliance review generally 
takes 24-72 hours. However, the length of each participating lender's 
processing time will vary. 

Congratulations 
After your loan package is approved, you will close (transfer of the 
property to you from the seller). Congratulations - you are now a homeowner! 
Ryan and Company Realtors, Inc.
Ryan and Company Realtors, Inc.
(847) 526-0300