Mar
22

Checking Out Illinois Loan Program a ‘SmartMove’ for First-Time Homebuyers

March 22, 2011

We all know there are great deals on homes out there.

We also know there are low interest rates available.

We are also aware that extremely tight lending conditions are making it difficult to buy a home right now.

Now, what you might not know is that there is a program for first-time homebuyers and Veterans that can help you get a great home with a secure loan program, even if you don’t have enough money for a down payment or closing costs.

It’s called SmartMove, and it’s available through the Illinois Housing Development Authority.

SmartMove offers features like down payment assistance and even lower interest rates than banks can provide.

And, the program offers qualified homebuyers the option of applying for a second loan of up to $6,000 in down payment and closing cost assistance at zero percent over 10 years.

“Our SmartMove loan programs make it possible for hardworking Illinois families to achieve the dream of homeownership affordably and securely,” said Gloria L. Materre, IHDA Executive Director. “In this economy, it’s important more than ever to encourage responsible homeownership. That’s why we require homebuyer counseling for our statewide SmartMove loan programs.”

To qualify, a homebuyer must:

*Have a minimum credit score of 620 for FHA, USDA and VA loans; 660 for conventional loans

*Contribute at least 1 percent of the purchase price or $1,000, whichever is greater

*Be within the purchase-price limit based on household income

*Attend HUD-approved counseling to ensure successful homeownership

If you are interested, begin by contacting an IHDA partner lender to see if you qualify.

Visit ihda.org and click on Statewide Resources for a list of SmartMove lenders.

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Tracey

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