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IHDA Announces New Mortgage Program for Home Buyers and Owners

Learn More About @HomeIllinois

The Illinois Housing Development Authority (IHDA) has unveiled the @HomeIllinois mortgage, a new product designed to make homeownership affordable and accessible for creditworthy borrowers. This product, which offers $5,000 in down payment assistance, comes at the perfect time for the spring buying season.

@HomeIllinois is a safe, 30-year fixed rate mortgage with a suite of a la carte options so first-time buyers, repeat buyers or homeowners looking to refinance can customize the loan to fit their individual need. This is the first time IHDA has offered down payment assistance for repeat buyers.

“We are very excited to launch the much-anticipated @HomeIllinois program, designed to help every type of borrower, not just first-time home buyers,” IHDA Executive Director Mary Kenney said. “With this product, we are unifying IHDA's homeownership efforts under one brand. With historically low interest rates, growing housing prices and rents at an all-time high, there’s no better time to buy a home in Illinois than now.”

Over 10,000 buyers accessed $1.2 billion in affordable home loans and down payment assistance using IHDA mortgage programs in 2014, representing 20 percent of the first time home buyer market in Illinois and the highest annual total in the Authority’s more than 30 years of mortgage lending. The new @HomeIllinois loan delivers personalized solutions that can be tailored to the borrower’s individual needs, including $5,000 in down payment assistance, lower credit score requirements, competitive interest rates, lender paid mortgage insurance and significant tax savings for prospective buyers. The program is available statewide. Eligibility is based on income, with annual income limits of up to $94,500 for households of two or less and $108,675 for households of three or more. Interested households can find additional details about @HomeIllinois at www.athomeillinois.gov

Monday, March 09, 2015/Categories: News Releases