Getting an IHDA Loan

Buying a home can be an exciting and intimidating process. With an IHDA loan, we strive to make the process as streamlined as possible so you can achieve your goal of homeownership. In the video below, you will see how easy the IHDA loan process can be and how we helped a family achieve the dream of homeownership by purchasing their first home.

 

How to apply:

Let our network of qualified lenders guide you through the quick and easy process. Locate a lender near you by visiting the Find a Lender page in this section of our website or call 1-877-456-2656 to speak with the Homeownership Department. Income and purchase price limits apply.

IHDA Loan programs:

SmartMove

SmartMove with MCC

SmartMove Plus

SmartMove Trio

 

 

Per our earlier announcement, the Welcome Home Illinois program is now closed. IHDA's remaining catalog of homeownership programs will continue to be available, offering down payment assistance, lower credit score requirements, competitive interest rates and significant tax savings for first-time and repeat buyers throughout Illinois.

If you have any questions, please call us at (877) 456-2656.

 

 

SmartMove

IHDA’s flagship mortgage program, SmartMove, offers first-time homebuyers an affordable 30-year fixed-rate mortgage and up to $6,000 for down payment. SmartMove is the perfect solution for borrowers who have limited funds for down payment, yet have the financial means to maintain monthly mortgage payments.

SmartMove includes:

• Up to $6,000 cash assistance to cover down payment
• 30-year fixed-rate mortgage with a competitive interest rate
• Variety of loan options to choose from, including FHA, Conventional, VA, and USDA

Eligibility:

• Buyers must be first-time homebuyers or qualified Veterans

Requirements:

• Contribute one percent or $1,000 of the purchase price, whichever is greater
• Purchase a one- or two- unit property within Illinois
• Live in property as primary residence

 

back to top

SmartMove with MCC

SmartMove with MCC includes:

• Federal tax credit that reduces income tax liability by up to $18,000 over the loan life*

• 30-year fixed rate mortgage with a competitive interest rate
• Variety of loan options to choose from, including FHA, Conventional, VA, and USDA

* based on a 30-year, $128,000 loan with a 4 percent interest rate


Eligibility:

• Buyers must be first-time homebuyers or qualified Veterans

Requirements:

• If purchasing, contribute one percent or $1,000 of the purchase price, whichever is greater
• Purchase or refinance one- or two- unit property within Illinois
• Live in property as primary residence

back to top

SmartMove Plus

SmartMove Plus is for buyers who currently own a home and want to refinance or buy a new home.

SmartMove Plus offers:

• 30-year fixed rate mortgage with a competitive interest rate
• Variety of loan options to choose from, including FHA, Conventional, VA, and USDA

Eligibility:

• Buyers need not be first-time homebuyers

Requirements:

• If purchasing, contribute one percent or $1,000 of the purchase price, whichever is greater
• Purchase or refinance one- or two- unit property within Illinois
• Live in property as primary residence

back to top

 

SmartMove Trio

SmartMove Trio includes:

• Up to $6,000 cash assistance to cover down payment
• Federal tax credit that reduces income tax liability by up to $18,000 over the loan life*

• 30-year fixed rate mortgage with a competitive interest rate
• Variety of loan options to choose from, including FHA, Conventional, VA, and USDA

* based on a 30-year, $128,000 loan with a 4 percent interest rate

Eligibility:

• Buyers must be first-time homebuyers or qualified Veterans


Requirements:

• Contribute one percent or $1,000 of the purchase price, whichever is greater
• Purchase a one- or two- unit property within Illinois
• Live in property as primary residence

 

back to top

 

Per our earlier announcement, the Welcome Home Heroes program is now closed. IHDA's remaining catalog of homeownership programs will continue to be available, offering down payment assistance, lower credit score requirements, competitive interest rates and significant tax savings for first-time and repeat buyers throughout Illinois.

If you have any questions, please call us at (877) 456-2656.


back to top