New SmartMove sign rider: Up to $6000 in Down Payment Assistance

A new real estate sign rider is now available to promote the Illinois Housing Development Authority’s SmartMove loan program for first-time buyers and Veterans.

The signs make it convenient for REALTORS® to market the availability of up to $6,000 in down payment and closing costs.

To find out more about setting up a SmartMove training to receive a sign, contact Tara Pavlik, IHDA’s Director of Originations and Operations, at (312) 836-5200. Supplies are limited.

SmartMove mortgage products make a strong selling point by offering incentives such as affordable interest rates and down payment assistance. Up to $6,000 is available for down payment and closing costs as a 10-year zero percent forgivable loan. IHDA’s programs can help 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

A list of lenders offering SmartMove is available from www.ihda.org/Map.aspx. Click on “Homeownership Resources,” check “Banks and Lenders for SmartMove Loans with Down Payment Assistance” and the county or counties to search in. Or call 312-836-5200 to speak with the Homeownership Originations department.

One thought on “New SmartMove sign rider: Up to $6000 in Down Payment Assistance

  1. Took the Illinois proficiency exam for Managing Broker Janurary 7th at the Three Rivers Association Office [TRAR]. Has anyone one else taken the exam and what did you think about the test questions? I got the results of the CE test my mail today. I was told it would be aleast 3 weeks before I hear the results of the proficiency exam.

    I prepped 6 weeks for this exam.

    Sincerely,

    John M Disera ABR, SFR, e-PRO
    Associate Real Estate Broker
    Spring Realty Inc.
    Shorewood, Illinois

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