Help guide clients to IHDA assistance with underwater mortgages

Show your value to homeowners by sharing information about the Illinois Housing Development Authority’s I-Refi program.

I-Refi is designed to help borrowers who’ve kept up with their mortgage payments for at least 12 months but owe more than their home is worth because of declining property values in their community. Funded by the U.S. Department of the Treasury, the program offers a forgivable loan of up to $50,000 to reduce the balance owed on a homeowner’s mortgage, erasing their negative equity and refinancing them into an affordable 30-year fixed rate IHDA mortgage. The program not only brings relief in the form of a lower interest rate and lower monthly payments, but it is the only solution available that actually wipes out a homeowner’s negative equity to bring his or her loan in line with the property’s current value.

A list of lenders is offered online, with websites for each. Before loans are approved, homeowners must order professional appraisals to assess the value of their homes.

Informational fliers are available in English and Spanish, with instructions for customization.

For more information, visit the website at http://www.idha.org/irefi or call 877-456-2656.

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