Tuesday, 21 May 2013 18:33

Illinois Housing Development Authority Offers Special Loans for Homebuyers

Whether it's a first home or an upgrade, many homebuyers wonder if they can afford a hefty down payment and closing costs. The good news is that the Illinois Housing Development Authority (IHDA) has designed special loan programs to make it more affordable. If you're looking for real estate in Springfield, IL, including Rochester and Chatham, and you meet certain eligibility criteria, you may qualify.

The following loan options are available for homebuyers seeking one- or two-residence units to serve as their primary residences. Each option requires a contribution of at least 1% or $1,000 of the purchase price.

SmartMove (first-time homebuyers)

First-time homebuyers may qualify for the SmartMove loan, which offers an affordable 30-year fixed-rate mortgage and up to $6,000 for down payment and closing costs. If you are a first-time homebuyer able to afford the monthly mortgage payment, you may qualify for this loan.

SmartMove Plus (current homeowners)

Those who currently own a home and aim to refinance or buy a new home, may qualify for a SmartMove Plus loan. This option offers a 30-year fixed rate mortgage with a competitive interest rate.

SmartMove Trio (first-time homebuyers)

First-time homebuyers may be eligible for SmartMove Trio, which offers: up to $6,000 toward down payment and closing costs; a federal tax credit that reduces income tax liability by up to $18,000 over the loan life; and a 30-year fixed rate mortgage. If you're a first-time homebuyer you may be eligible.

Welcome Home Heroes (veterans and military personnel)

Current and former members of our Armed Forces may be eligible for a Welcome Home Hero loan. This option provides: $10,000 cash assistance toward down payment and closing costs; a 30-year fixed rate mortgage; and a federal tax credit that reduces the federal income tax liability by up to $18,000 over the loan life. If you are a veteran, you may be eligible, whether you are a first-time buyer or currently own a home. If you are active military personnel, a reservist, or an Illinois National Guard member you must be a first-time homebuyer to qualify.

Buying a home may be more affordable than you think. Let us help you find the right one. Contact us today to get started.

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