IHDA Offering SERIOUS Cash Incentives for First-time Homebuyers this Summer

I’m back!!!!!

First I would like to apologize for my SUBSTANTIAL disappearance from my beloved blog. As barren as Chicago’s winter was is as busy as the spring and summer have been! So to all of my thousands of loyal readers (ha!) I apologize for my absence. It took something REALLY important to make me see sense and bring me back to get the word out, so here I am to deliver the news. Onwards!

This is for anyone who is currently considering buying a home for the first time, OR anyone who has not owned a primary residence in the last three years. Got it? Okay good, read on.

The Illinois Housing Development Authority (IHDA) is offering some serious cash incentives (think between $6,000 – $10,000 to be applied towards your down payment) for people who meet the two criteria I mentioned above.  These incentives come in the form of their new loan programs that my sources tell me are likely to last only through August because of the high interest they’ve been receiving. These government loans can make a substantial dent in your down payment. For example, say you want to buy a two-bedroom condo in Wicker Park, or wherever, for around $300,000 – Twenty percent down is $60,000 so having the government potentially chip in $10k would be HUGE for anyone and everyone. Interested? Of COURSE you are! Check out the options below to see if any of them may lighten your home-buying load:

Welcome Home Illinois Loan

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.

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 or anyone who has not owned a home in the last three years

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

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

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

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

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


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

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 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

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:

  • 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

For the full IHDA website, click here.

________

I know. Or at least, I think I know what you’re thinking: “What’s the catch? Do I have to talk to some really weird, unfamiliar lender to get these ‘special incentives’ or am I just supposed to Rumpelstiltskin my first-born child for this?” The answer is no. You can use your lender to hook you up with the program that’s best for you. This is a government program to keep our economy moving and it is AWESOME! Now, in the extremely small chance that your lender has no idea what I’m talking about then let me know so I can put you in touch with someone who has a clue.

AND OF COURSE (and most importantly) when the time does come for you to buy or sell, remember to Sell With Grace 😉 Until next time my friends!

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