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!
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!
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