In some cases the I-LOAN Certificate (MCC) may be worth even more money to a first-time homebuyer. The I-LOAN Certificate is a direct credit on a homebuyer’s federal income tax for the life of the mortgage. The post-tax savings of the certificate may be worth more money than the savings of the lower cost I-LOAN Mortgage. And since the I-LOAN Certificate raises post-tax income, you may be able to qualify for a larger mortgage to purchase a more expensive home. The benefits of the I-LOAN Mortgage and the I-LOAN Certificate can not be combined.

IHDA supports many non-profit community housing development organizations (ChoDOs) that provide financial counseling and training in the home-buying process free of charge. IHDA’s cash grants of up to $5000 to help pay for down payment and closing costs are available only through these organizations.

To buy a home with either the I-LOAN Mortgage or the I-LOAN Certificate, take these simple steps:

1. Check here to find a local Community Housing Development Organization that administers IHDAs grants and loans programs. Even if a program is not in place in your community, we Strongly Recommend that first-time homebuyers receive financial counseling and training in the home-buying process.

2. Determine if you are qualified with the federal income and purchase price restrictions. Check our income and purchase price requirements, including targeted areas.

3. Find a nearby bank or broker who offers our programs. Check the listings here for more than 3000 originators statewide.

4. Contact the local bank or broker directly, and be sure to mention that you want a loan through our programs.

5. Check the availability of the I-LOAN Certificates, or special programs in your community for additional savings.

If you have any further questions, please email or call 877-I-LOAN-56 for more information.