IHDA (Illinois Housing Development Authority)
Down Payment Assistance Plan

This plan provides 3% of the purchase price for a down payment!  (Max $6,000)  As you are all well aware, the Homebuyers Tax Credit expired on April 30th, but maybe you didn’t find the house you wanted before the cut off date.  In that case, this may be something to keep in mind.  This program is for 1st Time Homebuyers, and is available in the State of Illinois.  It is available from 40 IHDA (Illinois Housing Development Authority) approved lenders.  You can find the list of lenders at www.IHDA.org .  You apply for a 30 year fixed rate FHA loan, and the lender applies the DPA provision.

There are also Household Income limits- One or two people $74,900,
3 or more people $86,135.
There are property Price Limits- One Unit $349,000, 2 units $446,000. 
All properties must be owner occupied.

You must qualify  with a maximum Debt to Income Ratio of 43%.
Your FICO score must be a minimum of 620. (if more than one applicant-both must have FICO’s 620 or above)
Borrower must have 1% of his/her own funds. (this can be a gift.)
And you must complete buyer education, which can be done online.

If you have questions, please fill out the form to the left and I will respond to you within 24 hours.
If you would rather speak to me - Call 630-776-5263!