IHDA's Releases New Mortgage Product @HomeIllinois

Posted by Laine Smith on 3/15/15 7:30 AM

Topics: Home Buying Economy

The Illinois Housing Development Authority has unveiled their new mortgage product, @HomeIllinois. The new program strives to make homeownership affordable and obtainable to creditworthy borrowers by offering a la carte benefits, including down payment assistance and lender paid mortgage insurance, to both first-time and repeat homebuyers.

HomeIllinois

Over 10,000 buyers received $1.2 billion in home loans and down payment assistance through the use of IHDA mortgage programs in 2014, accounting for 20 percent of the first-time home buyer market in Illinois – the highest annual total in IHDA’s 30 years of mortgage lending.

Program Benefits

The @HomeIllinois mortgage is a 30-year fixed rate mortgage allowing first-time and repeat buyers to gain home financing with as little as $1,000 out of pocket. @HomeIllinois also provides personalized loan options that can be tailored to the buyer’s individual financing needs. Interest rate is dependent on the options chosen by borrowers, which include:

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

Program Eligibility

To be eligible for the @HomeIllinois program, both first-time and repeat homebuyers must:

  • Contribute $1,000 or 1 percent of the purchase price, whichever is greater
  • Meet the credit requirements
  • Live in the home as a primary residence
  • Meet income and purchase price limits
  • Complete homeownership counseling

The @HomeIllinois program is available statewide. If you have any questions about program options or eligibility, contact one of our mortgage bankers. For more information regarding home financing and buying, download our free Mortgage 101 Handbook, a great resource for first-time and repeat homebuyers.

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