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Approved Lender Request

SmartBuy is back to help your borrowers with student loans! SmartBuy is a purchase program that works differently than other IHDA Mortgage Programs.

We anticipate a high demand for this program, please complete this form by 10/25/2024 to be listed on the SmartBuy webpage in time for the November 1st launch. Please note this request form can only be submitted by leadership at your organization (CEO, CFO, EVP, etc.).
Very Important Things About SmartBuy:

  1. Student Loan Assistance: The re-launched SmartBuy now allows homebuyers $40,000 in student loan assistance, or the sum total of all their student loan debt, whichever is lowest. The 15% of the sale price calculation no longer applies.

  2. Down Payment/Closing Cost Assistance: This remains unchanged, in addition to the student loan assistance, homebuyers can utilize an optional $5,000 deferred 2nd mortgage. Payment due upon maturity date (30yrs) or upon sale or refinance, whichever is soonest.

  3. Origination and Delivery: The SmartBuy Program has a two-stage review process:​

    1. Pre-Closing Review: Lender uploads all items required per the pre-closing checklist in TPO Connect for approval. IHDA reviews the uploaded documents and issues closing documents, or issues conditions on outstanding items.

    2. Post-Close Review: Lender uploads all signed closing documents to TPO Connect. IHDA reviews and issues approval for purchase or issues conditions on outstanding items.  

  4. Program Training: It is the Lender's responsibility to ensure the loan officers, underwriters, and closers working on SmartBuy files take at least one "SmartBuy 101" training and are familiar with the program requirements.​

  5. SmartBuy Approval Status: IHDA reserves the right to remove lenders from the SmartBuy Approved Lender Directory at any time. Lenders who submit incomplete files and/or have not appropriately trained their staff may be be removed from the directory and will be prohibited from further participation in the SmartBuy Program.

  6. Assistance Funding: All SmartBuy assistance funds (both the educational relief and down payment assistance) shall be provided to the borrower at closing by the participating lender. Reimbursement will occur after loan closing, at the time of loan purchase by the Authority via its agent U.S. Bank HFA division, or subsequent agent as may apply. In the event the first mortgage should become unsalable to IHDA via its Agent, Lender will receive reimbursement for the Assistance Amount. Lender agrees to make every attempt to achieve loan salability.

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