Information For Realtors

If you’re working with a buyer whose credit is good and has a stable career, but lacks what’s needed for a down payment, IHDA might be able to help. IHDA’s homebuyer programs offer safe, fixed interest loans at affordable rates. IHDA works with more than 180 lenders  across the state to provide access to safe, financing programs that won’t create unnecessary hassles or delays in closing.

Qualified homebuyers can receive up to $7,500 in down payment and closing cost assistance – and it might surprise you who is eligible. For example, a family of three or more living in the Chicago area can earn as much as $106,400 and still qualify. See IHDA’s income and purchase limits for additional eligibility information.

Our programs are 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.

 

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1STHomeIllinois Highlights

1STHomeIllinois offers:

  • $7,500 cash assistance for down payment and closing costs
  • a secure, 30-year fixed-rate mortgage with a competitive interest rate
  • choice of FHA, VA, USDA or Conventional loan type

1STHomeIllinois is tailored for anyone who:

  • hasn’t owned a home in the last three years including first-time homebuyers, and all Veterans
  • is purchasing in the following counties: Boone, Cook, DeKalb, Fulton, Kane, Marion, McHenry, St. Clair, Will and Winnebago

1STHomeIllinois Requirements

  • Buyer must not have owned a home in the last three years or be a first-time buyer or a Veteran (unless the buyer is purchasing in a targeted area)
  • Purchase a one or two unit property within Boone, Cook, DeKalb, Fulton, Kane, Marion, McHenry, St. Clair, Will or Winnebago counties
  • Contribute $1,000 or 1 percent of the purchase price, whichever is greater
  • Meet the income and purchase limits
  • Meet the credit requirements
  • Live in the home as your primary residence
  • Complete homeownership counseling (online and in-person options available)

See FAQs for more details.

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@HomeIllinois Highlights

@HomeIllinois is a 30-year fixed rate mortgage with a variety of options. The options you choose will determine the loan’s interest rate. Options include:

  • $5,000 down payment or closing cost assistance for buyers
  • Lender paid mortgage insurance for buyers
  • Federal tax credit certificate for first-time buyers (mortgage credit certificate or MCC)
  • Choice of FHA, VA, USDA or Conventional loan type

@HomeIllinois is tailored for anyone who:

  • hasn’t owned a home in the last three years including first-time homebuyers, and all Veterans (unless the buyer is purchasing in a targeted area)
  • is a repeat buyer
  • is looking to refinance their current loan

@HomeIllinois Requirements

  • Contribute $1,000 or 1 percent of the purchase price, whichever is greater
  • Meet the income and purchase limits
  • Meet the credit requirements
  • Live in the home as your primary residence
  • Complete homeownership counseling (online and in-person options available)

See FAQs for more details.

Get customizable marketing materials here.

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I-Refi Highlights

The new I-Refi program offers up to $50,000 in federal assistance through the Hardest Hit Fund (HHF) to buy down a mortgage and refinance into an affordable loan.  I-Refi is designed to help homeowners who have been current on their mortgage payments for at least 12 months and must also qualify for the new loan under IHDA’s income and credit requirements.  Before the loan is approved, homeowners must order a professional appraisal to assess the value of the home.  If a homeowner previously received HHF assistance, they are still eligible to apply for the I-Refi program.

I-Refi Requirements

  • Current on your mortgage for at least 12 months
  • Credit qualify for a new IHDA mortgage through a participating lender
  • Be within IHDA’s income and home price limits 
  • Credit score must be at or above 640
    • 640 for Conventional, VA and USDA
    • 660 for FHA
    • 680 for Conventional HFA preferred  ≥ 95.01% LTV
  • Pre-assistance combined loan-to-value must be greater than 110%
  • Post-assistance loan-to-value will be 90-97%

Please also see Homeownership Resource Center  for the program guides and manuals and other resources, and Becoming An IHDA Lender if you are interested in partnering with IHDA to expand your business.