Keeping Homeownership Affordable
After the birth of their daughter, Mia, in February 2009, owning a home became a priority for Patrick Kain, 23 and Lauren Cody, 21. The couple wanted to establish the stability and security that comes with homeownership, but didn’t have the five percent down payment required by many lenders. Then Lauren found out about IHDA’s First-time Homebuyer program that offers affordable interest rates and down payment assistance to borrowers who have limited funds for a down payment and/or closing costs.
In May 2010, the couple received a $3,600 10-year 0-percent forgivable IHDA loan through Marine Bank to help them purchase their new three-bedroom home in Springfield, Illinois. They moved in the day they closed.
IHDA’s First-time Homebuyer program offers safe, fixed interest loans at affordable rates. Qualified homebuyers can receive down payment and closing cost assistance. The program is ideal for borrowers who need extra flexibility or who have limited funds for down payment and/or closing costs, yet have the financial means to maintain monthly mortgage payments. See more details.
“As a young couple with a new baby and just starting out, we didn’t have a few extra thousand dollars lying around to put down on a home. Without the down payment assistance (from IHDA), we would’ve been stuck with renting for many more years.”