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. Scroll below for an overview of each loan type and find the program that is right for you!
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 312.836.5200 to speak with the Homeownership Department. Income and purchase price limits apply.
IHDA Loan programs:
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 and closing costs. 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 and closing costs
• 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
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 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
SmartMove Trio - See Flyer
SmartMove Trio includes:
• Up to $6,000 cash assistance to cover down payment and closing costs
• 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
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
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 and closing costs
• 30-year fixed rate mortgage with a competitive interest rate
• Variety of loan options to choose from, including FHA, Conventional,
VA, and USDA
Eligible communities:
| Belleville | Berwyn | Blue Island |
| Champaign | Chicago Heights | Cicero |
| Crest Hill | Joliet | Lockport |
| Lynwood | Melrose Park | Maywood |
| Park Forest | Peoria | South Holland |
Eligibility:
• First-time and non-first-time homebuyers 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
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 and closing costs
• 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:
• 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