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.
- 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
- 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.