Illinois Housing Development Authority to Offer Down Payment Assistance

January 30, 2013

homeowner assistance photoIf you want to turn your dream of owning real estate into a reality, then check out the assistance program offered by the Illinois Housing Development Authority (IHDA).

The IHDA Smart Move Program is a first-time home buyer assistance program that combines a first mortgage with a zero percent interest rate and a forgivable second mortgage.

In order to qualify, home buyers must meet the following requirements:

  • You must be a first time home buyer and provide three years of tax returns.
  • You must contribute the greater of $1,000 or 1 percent of the sales price into the transaction.
  • Have a minimum credit score of 620 and a total debt to income ratio limit of 45 percent.
  • Must attend homebuyer counseling arranged by First Federal.

It is also important to note that there are purchase price and income limits in each Chicago-area county. In Cook, DuPage, Kane, Will, Lake and McHenry counties, the income limit is $90,960 for a family of one or two and $106,120 for a family of three or more. The purchase price limit for these counties is $378,461.

In the past year, the IHDA has been giving a lot of attention to struggling homeowners. Last spring, the organization launched a program that provided $10,000 in down payment assistance to qualifying homeowners who purchased vacant homes in Berwyn, Maywood, Park Forest, Chicago Heights and South Holland. The IHDA has also been funding homeowner counseling for more than a year-and-a-half.

For more information on how to receive assistance from the IHDA, visit the organization’s website or contact (312) 836-5200.

About The Author

Read All Stories By Mitch Levinson

Mitch Levinson is the author of “Internet Marketing: The Key to Increased New Home Sales” published by BuilderBooks. He is an Internet marketing expert with expertise in search engine optimization, website development, email marketing, social media and CRM consulting services. He is known for creating effective programs that can be tracked through analytics to prove effectiveness and ROI. Mitch is founder and president of MLC New Home Marketing and MLC FlatFee Realty, as well as managing partner of mRELEVANCE, LLC, a Marketing, Communication, Interactive agency with offices in Chicago and Atlanta. He currently leads the Chicago team. A Multi-Million Dollar Sales Producer who earned an MBA in Computer Information Systems and eCommerce, he brings a unique perspective and experience to the field of real estate communications. Mitch combines the two interests in order to help home builders and developers gain a competitive advantage through the Internet and technology. When he isn’t behind a computer, he enjoys participating in sports and coaching his kids’ teams. Mitch resides in Arlington Heights, Ill., a northwest suburb of Chicago, with his family, which includes two rambunctious labs. Visit my Google+ profile.

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