Getting an IHDA Loan

Buying a home can be an exciting and intimidating process. With an IHDA loan, we strive to make the process as streamlined as possible so you can achieve your goal of homeownership. In the video below, you will see how easy the IHDA loan process can be and how we helped a family achieve the dream of homeownership by purchasing their first home.

 

How to apply:

Let our network of qualified lenders guide you through the quick and easy process. Locate a lender near you by visiting the Find a Lender page in this section of our website or call 1-877-456-2656 to speak with the Homeownership Department. Income and purchase price limits apply.

IHDA Loan programs:

Welcome Home Illinois

SmartMove

SmartMove with MCC

SmartMove Plus

SmartMove Trio

Illinois Building Blocks

Welcome Home Heroes

 

Welcome Home Illinois - See Flyer

The Welcome Home Illinois loan comes with down payment assistance that drastically reduces the total cost of your home and a below-market interest rate that saves you hundreds of dollars each month.

Due to overwhelming demand, IHDA must close the Welcome Home Illinois program on Friday, November 21, 2014 at 5 p.m. If reservations significantly increase before then, we reserve the right to close the program sooner than 5 p.m.

IHDA's remaining catalog of homeownership programs will continue to be available. If you have any questions, please call (877) 456-2656.

Welcome Home Illinois includes:

  • $7,500 cash assistance to cover down payment
  • 30-year fixed-rate mortgage with a below-market interest rate
  • Variety of loan options to choose from, including FHA, Conventional, VA, and USDA

Eligibility:

  • Buyers must be first-time homebuyers, anyone who has not owned a home in the last three years or qualified Veterans

Requirements:

• Contribute one percent or $1,000 of the purchase price, whichever is greater
• Purchase a one- or two- unit property within Illinois
• Live in property as primary residence

 

 

SmartMove - See Flyer

IHDA’s flagship mortgage program, SmartMove, offers first-time homebuyers an affordable 30-year fixed-rate mortgage and up to $6,000 for down payment. SmartMove is the perfect solution for borrowers who have limited funds for down payment, yet have the financial means to maintain monthly mortgage payments.

SmartMove includes:

• Up to $6,000 cash assistance to cover down payment
• 30-year fixed-rate mortgage with a competitive interest rate
• Variety of loan options to choose from, including FHA, Conventional, VA, and USDA

Eligibility:

• Buyers must be first-time homebuyers or qualified Veterans

Requirements:

• Contribute one percent or $1,000 of the purchase price, whichever is greater
• Purchase a one- or two- unit property within Illinois
• Live in property as primary residence

 

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SmartMove with MCC

SmartMove with MCC includes:

• Federal tax credit that reduces income tax liability by up to $18,000 over the loan life*

• 30-year fixed rate mortgage with a competitive interest rate
• Variety of loan options to choose from, including FHA, Conventional, VA, and USDA

* based on a 30-year, $128,000 loan with a 4 percent interest rate


Eligibility:

• Buyers must be first-time homebuyers or qualified Veterans

Requirements:

• If purchasing, contribute one percent or $1,000 of the purchase price, whichever is greater
• Purchase or refinance one- or two- unit property within Illinois
• Live in property as primary residence

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SmartMove Plus - See Flyer

SmartMove Plus is for buyers who currently own a home and want to refinance or buy a new home.

SmartMove Plus offers:

• 30-year fixed rate mortgage with a competitive interest rate
• Variety of loan options to choose from, including FHA, Conventional, VA, and USDA

Eligibility:

• Buyers need not be first-time homebuyers

Requirements:

• If purchasing, contribute one percent or $1,000 of the purchase price, whichever is greater
• Purchase or refinance one- or two- unit property within Illinois
• Live in property as primary residence

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SmartMove Trio - See Flyer

SmartMove Trio includes:

• Up to $6,000 cash assistance to cover down payment
• Federal tax credit that reduces income tax liability by up to $18,000 over the loan life*

• 30-year fixed rate mortgage with a competitive interest rate
• Variety of loan options to choose from, including FHA, Conventional, VA, and USDA

* based on a 30-year, $128,000 loan with a 4 percent interest rate

Eligibility:

• Buyers must be first-time homebuyers or qualified Veterans


Requirements:

• Contribute one percent or $1,000 of the purchase price, whichever is greater
• Purchase a one- or two- unit property within Illinois
• Live in property as primary residence

 

 

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Illinois Building Blocks - See Flyer

IHDA helps strengthen communities with programs that turn vacant homes into valuable homeownership opportunities.

Illinois Building Blocks includes:

• $10,000 cash assistance to cover down payment
• 30-year fixed rate mortgage with a competitive interest rate
• Variety of loan options to choose from, including FHA, Conventional, and
VA

Eligible communities:

Belleville Berwyn Blue Island
Champaign Chicago Heights Cicero
Crest Hill Joliet Lockport
Lynwood Melrose Park Maywood
Park Forest Peoria South Holland

 

 

 

 

 

 

Rehabilitated Homes Available for Purchase:

• Rehabilitated homes in five Building Blocks Communities are now available for purchase. Up to 75 homes will be available through the end of 2014, so check back often and call the brokers listed below for updated listings.
• Homes are professionally renovated and move-in-ready. Improvements vary in each house but may include HVAC, electrical, roof, updates to bathrooms and kitchen, flooring, painting and/or windows.
• These homes are eligible for the Building Blocks Loan which includes $10,000 in cash assistance for down payment and a competitive 30-year fixed rate mortgage. Visit the Find a Lender page to locate a participating lender.
• For properties in Berwyn and Maywood, contact Sonia Figueroa from Century 21 Affiliated at 773-308-5505. For properties in Chicago Heights, Park Forest and South Holland, contact Lisa Thompson from Century 21 SGR at 312-326-2121.

Eligibility:

• First-time homebuyers, non-first-time homebuyers and qualified Veterans are eligible

Requirements:

• Contribute one percent or $1,000 of the purchase price, whichever is greater
• Purchase a one- or two- unit property within the eligible communities
• Live in property as primary residence

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Welcome Home Heroes - See Flyer

The Illinois Welcome Home Heroes program provides critical financial support to men and women who have honorably served in our armed forces.

Welcome Home Heroes offers:

• $10,000 cash assistance to cover down payment
• 30-year fixed rate mortgage with a competitive interest rate
• Federal tax credit that reduces the federal income tax liability by up to $18,000 over the loan life*
• Variety of loan options to choose from, including FHA, Conventional, VA, and USDA

* based on a 30-year, $128,000 loan with a 4 percent interest rate

Eligibility:

• Qualified Veterans (need not be first-time homebuyers)
• Active military personnel, reservists and Illinois National Guard members (must be first-time homebuyers)

Requirements:

• Contribute one percent or $1,000 of the purchase price, whichever is greater
• Purchase a one- or two- unit property within Illinois
• Live in property as primary residence

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