Approved Lenders

Talk to a SmartBuy approved loan officer! We work with lenders big and small across Illinois!
SmartBuy FAQs
Assistance
I have been turned down in the past due to my high debt-to-income (DTI) ratio caused by having too many student loans. How does this program differ from the others that have turned me down?
Will I have to pay IHDA back for the student loan assistance?
I don’t have enough saved up for my down payment, is there any other assistance that I may be eligible for?
What if the SmartBuy assistance doesn't cover all of my student loans or my co-borrower's loans? Can we still be eligible to apply?
Eligibility
What limitations do I have regarding income and the purchase price of my home? Am I capped at just buying a home worth $266,000 since that is equal to approximately $40,000 worth of assistance?
I don’t have any student loans, but my parents have Plus loans which they are still paying off. Am I able to pay off those loans with this program if I buy a home?
I have some student loans that were financed through my family or friends, are those eligible to be paid off as well as my Federal or State loans?
I'm a DACA recipient, can I still qualify?
Yes, as long as you meet the applicable guidelines. Your loan officer will review those with you as they apply to your individual application.
What is the credit score requirement for this program?
All IHDA programs require a mid-score of 640. This means of the three credit bureaus the score that is neither the highest or the lowest applies.
Applying
What types of housing are eligible under this program?
How do I apply?
I have never purchased a home and am new to the process. What should I expect?
Please refer to IHDA’s general buying process which can be found on www.ihdamortgage.org. This will outline the entire home purchasing process.
Lender FAQs
How do I run AUS on a SmartBuy Loan?
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Mark the student loans of the borrower or coborrower as 'paid at closing'. The DU findings will give you the following message: -
Include evidence of payoff of the following debts (other than 30-day accounts) in the loan file: Borrower | Creditor | Account Number | Balance
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Student Debt being paid off by SmartBuy should be input as -
 “unsecured, no payment, forgivable personal loan”
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The risk assessment of the loan casefile may not be accurate because the following accounts on the loan application did not have a minimum monthly payment and DU was unable to calculate an accurate debt-to-income ratio…
How long should the student loan payoffs be "good-through"?
All payoffs should be within 30 days of the approximate closing date so that IHDA has the most accurate amount when confirming the assistance needed.
How do I use the SmartBuy Submission Cover?