Welcome to the Homebuyer Center!
The Homebuying Process
We keep the process simple for homebuyers by partnering with local lenders across the state. IHDA loans do not take longer to close than a regular mortgage and offer very competitive interest rates. Here's a short video explaining the process:
Home
You're On Your Way!
Learning the programs is the first step.
We're here for you every step of the way! Before we get started, let us know if you want us to email you or give you a call. We'll send you program announcements, and a welcome email with detailed information on how to apply.
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Home
SmartBuy offers $5k in down payment assistance and up to $40k in student debt relief.
Visit www.ihdamortgage.org/smartbuy for information and approved SmartBuy Lenders.
Main Requirements
IHDA Mortgage Programs require:
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The purchase of a primary residence. You must be buying a primary residence, we cannot finance a vacation home or other property that will not be your primary residence within 60 days of close.
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Borrower's credit score to be 640 or higher. Lenders use the "middle score" when making this determination, which means when they pull the scores from all three credit bureaus, the highest and lowest scores are set aside and the middle score is used to determine eligibility. If you're a homebuyer with a short credit history and have less than three scores, the lowest score (or only score) is used.
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Borrower's home to be purchased to be located anywhere in the State of Illinois.
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Borrower's income and home purchase price to fall within the current income and purchase price limits. (It's ok if you're not sure, your lender will calculate this for you).
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Borrower to contribute a minimum of 1% of the sale price or $1,000 (whichever is greater) towards the transaction. This can include items like earnest money, appraisal fees, pre-paid homeowners insurance, and sometimes gift funds (if allowed, talk to your loan officer to see if this is an option for you).
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Borrower's debt to income ratio (DTI) to be 50% or lower. This is the total of your revolving monthly debt, the amount of the your new housing payment (principal, interest, taxes and insurance), and items such as car payments, credit card bills, student loans, etc. divided by your gross monthly income (that's the amount before taxes are taken out). If you're not sure, your IHDA Approved Lender will calculate this for you.
Active Program Directory
Find a program that works for you! Select a program to learn more:
Home
SmartBuy offers $5k in down payment assistance and up to $40k in student debt relief.
Assistance Amount
Assistance Maximum
$5k DPA/Up to $40 EDU
$40,000
Program Term Length
3yrs EDU/30 years DPA
A no monthly payment, forgivable down payment assistance loan, no repayment unless sold or refinanced before 10 yr. forgiveness period.
Assistance Amount
Assistance Maximum
4%
$6,000
Program Term Length
10 years
A no monthly payment, deferred down payment assistance loan, payment is due when you sell or refinance.
Assistance Amount
Assistance Maximum
5%
$7,500
Program Term Length
30 years
A zero interest repayable down payment assistance loan, monthly repayment is required.
Assistance Amount
Assistance Maximum
10%
$10,000
Program Term Length
10 years
DISCLAIMER: All program funding and availability is subject to change at any time, and is not guaranteed until the lender places a complete reservation with IHDA Mortgage. Potential borrowers must meet all applicable program guidelines and income/purchase price limits for the county the property is located in to be eligible. Detailed program guidelines and requirements can be found in the procedural guide posted in the IHDA Document Library.