The spring homebuying season is upon us and there are a number of Illinois homebuyer assistance and mortgage financing programs available that could help get your buyers into a new home. From programs geared toward first-time buyers or veterans to federal loans for consumers buying in rural Illinois communities, there might be a financing option that fits your buyer. Learn about the following programs and more in the April Open House Issue of Illinois REALTOR® magazine and send your potential clients to YourIllinoisHome.com for more Illinois home buying and selling information.
The SmartMove mortgage financing program now features expanded benefits under changes announced by Governor Pat Quinn in late February. The Illinois Housing Development Authority (IHDA) program has been expanded to offer a third benefit to qualifying borrowers – an optional mortgage credit certificate to reduce federal income tax liability. SmartMove Trio is one of the most lucrative homebuyer packages offered by IHDA. Since January 2009, SmartMove has assisted around 2,700 Illinois families in buying a home.
USDA Rural Development Single Family Housing Guaranteed Loan Program
This federal program through the U.S. Department of Agriculture (USDA) assists low to moderate income consumers buying homes in eligible rural areas, including many counties in Illinois.
Welcome Home Heroes
This Illinois Housing Development Authority program helps Illinois veterans and military personnel finance a home through affordable mortgages and down payment and closing cost assistance.
A mortgage guarantee program offered through the Illinois State Treasurer’s Office offers borrowers a 10 percent mortgage guarantee to help them qualify for an affordable and sustainable loan.
Illinois Building Blocks Pilot Program
A targeted financing program offering up to $10,000 in down payment assistance to buyers who purchase vacant properties in five Illinois communities hit hard by foreclosures: Berwyn, Maywood, Park Forest, Chicago Heights and South Holland. The program is administered through the Illinois Housing Development Authority.