IHDA announces new home loan plan in 10 counties

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Starting today, first-time home buyers, veterans and those who haven’t owned a home in three years can apply for a 30-year, fixed-rate mortgage through a program from the Illinois Housing Development Authority (IHDA) that includes $7,500 in cash assistance for down payments and closing costs.

The 1st Home Illinois program is available in Boone, Cook, DeKalb, Fulton, Kane, Marion, McHenry, St. Clair, Will and Winnebago counties – areas hardest hit by the foreclosure crisis. If you’re a REALTOR® who serves clients in one of these counties, you’ll want to be a resource for those interested in this program, which offers an interest rate as low as 4.125 percent.

According to the IHDA, the U.S. Department of Treasury’s Hardest Hit Fund is providing the down payment assistance. IHDA estimates that up to 4,000 qualified families will be served by the $30 million approved for the project. Illinois is the second state to launch a down payment assistance program using Hardest Hit Fund (HHF) and one of three states that have approval to use HHF resources to prevent future foreclosures by improving demand and helping to stabilize housing prices.

Loans can be secured through the Federal Housing Authority, the Veterans’ Administration, the United States Department of Agriculture and through conventional means. However, funds are limited for this IHDA program. To find out about income limitations, qualified lenders and how you can get fliers about it, you can read today’s IHDA press release, visit www.ihda.org or call 1-877-456-2656.

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