My Real Estate Blog

With the economy and housing market making a slow recovery, prospective homeowners have been hesitant in their attempt to be part of the American Dream.

That doesn't mean you should give up hope because there are programs available. Take the Illinois Housing Development Authority (IHDA) as an example. IHDA is offering affordable interest rates and down payment assistance for borrowers of low to moderate incomes with SmartMove Mortgage Products. Features of the SmartMove Mortgage Products include:

• Offers up to $6,000 in down payment and closing cost assistance as a 10-year, 0% forgivable loan.
• Maximum LTV's from 96.5 to 100%
• Conventional/FHA/USDA insured products available
• Fixed rate with terms up to 30 years
• Reduced mortgage insurance requirements on conventional programs

Qualifications include:

• A minimum credit score of 620 on FHA and USDA loans and 660 on conventional loans
• Maximum total debt ratio 0f 45%
• Buyer must contribute 1% or $1,000 of the purchase price, whichever is greater
• First-time homebuyer or qualification exemption
• Household income and purchase price limits apply
• Homeowners counseling is required

It is imperative for anyone hoping to own a home to look into as many programs as they can to keep their dream alive. Visit www.ihda.gov or call 312-836-5200 to speak with the Homeownership Origination Department.