New first-time buyer program for Illinois

As the state’s housing finance agency, the Illinois Housing Development Authority (IHDA) offers SmartMove—a suite of safe and reliable homebuyer loan products available statewide.

SmartMove mortgage products can make the difference in landing a home sale with incentives such as affordable interest rates and down payment assistance.

“Our SmartMove programs provide a secure and affordable way for first-time buyers and Veterans to purchase a home,” says Gloria L. Materre, IHDA executive director.

SmartMove features up to $6,000 for down payment and closing costs as a 10-year zero percent forgivable loan. IHDA’s programs are geared toward borrowers who need extra flexibility on sources of income or who have limited funds for down payment and closing costs.

SmartMove features:

  • Maximum LTVs from 96.5 to 100 percent
  • Conventional, FHA, USDA products available
  • Fixed-rate loans with up to 30-year terms
  • Mortgage insurance requirements at one-third less than other conventional products

Qualifications include:

  • Minimum credit score = 620 (FHA and USDA loans) or 660 (conventional loans)
  • Buyer must contribute 1 percent or $1,000 of purchase price, whichever is greater
  • Household income and purchase price limits apply
  • HUD-approved homeownership counseling required

For a list of lenders offering SmartMove, see www.ihda.org. Call 312-836-5200 to speak with the Homeownership Originations department.

10 thoughts on “New first-time buyer program for Illinois

  1. I would like to have a list of lenders in the Winnebago, Boone and Olge Counties that will be offering the IHDA Smart Loans at this time. Will you please email me the list?

    Thank you.

    Sandy Basel

  2. Ed and Betty

    This program was discussed in our office meeting today as an available loan. Shoot me an email and I would be happy to give you his information.

    Regards,
    Melissa Leetzow
    MLeetzow@FirstPru.com

  3. I would like to have a list of lenders in Lake County, Illinois who are offering the new IHDA Smart Loans in my area. May you please send me the list?
    Thanks,
    Silvia Carmona

  4. IHDA loan program seems to be great I would like to know more information and list of lenders If you don’t mindcan you email to me list of lenders.Thanks,
    Faith S

  5. PLease send me a list of county loan companies that are offering this type of financing for Lake, Northern Cook, Kane, and Mchenry counties. thanks a mil!

  6. I would like to know if there are any programs for single mothers who wan to relocate, and purchase a house. What are the requirments for out of state residence?

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