Tag: idha

Down payment assistance program options through IHDA ACCESS PROGRAMS

The Illinois Housing Development Authority has announced that on February 1, 2018 the At Home Illinois down payment assistance program will be replaced by the Access Programs. there are 3 types of programs to choose from and they offer up to 10,000.00 towards down payment assistance.

Access 4% forgivable

This program offers assistance amount up to 4% of purchase price up to $6k max forgivable over a term of 10 years. There is no monthly repayment Assistance is forgiven pro-rate on a monthly basis

Example : if 6,000 , it will be forgiven @ 50.00 /month

Access 5% Deferred

The assistance amount is 5% of the purchase price UP to 7500 maximum The repayment for the assistance amount is a 0% interest. Full amount due at maturity date or upon “repayment event. Can be repaid at any time.

Access 10% repayable

Assistance amount is 10% of the purchase price. Up to 10,000 maximum  for a term of 10 years. the repayment is done 0% interest monthly payment -dpa amount / 120 months. For example if 10,000, payable at 83.33/month

Pro Tip :Remember 10/10/10 if you’re not sure, the answer is probably 10. 10% max da percentage, $10k max amount 10 year term

 

Expanded Eligibility

The access programs have expanded eligibility requirements to qualify them previous first time and non first time homebuyers allowed.

For these programs, both first time homebuyers and non first time homebuyers are eligible but lenders must disclose borrower status

Geographically, there is no county specific requirement .all Illinois counties are eligible across all 3 Access programs.

New construction is also allowed.

Transparently Disclosed as Ihda 2nd mortgages

There is nothing mysterious about the programs. When used, each down payment assistance program takes the position of a second mortgage and that mortgage is disclosed according to trid guide lines.

 

Key Qualifying factors

Like many other Ihda  programs the borrower must be within income limits and the property must be within purchase price limits. The borrower has a minimum contribution of 1% or $1000 (whatever is greater), however properly sourced gift funds can satisfy this. (agency guidelines are followed)

The programs have Minimum credit score of 640 mid score. The credit score for all loan types must be 640 no exceptions. The debt to income back end ratio  must be 45%. no exceptions

Pre-purchase counseling

Pre-purchase counseling is required on all programs pre purchase counseling must be completed before closing Ihda will accept certificates before closing. Ihda will accept certificates  completed before closing up to one ear from the completion date.

There is no exception, quick fix  or waiver that can be provided for pre-purchase counseling. Most mortgage insurance companies offer pre purchase training online if the borrower in unable to attend a course in person.

 

1st home Illinois

1st home Illinois will remain intact. For more information on 1st Home Illinois please refer to the earlier post about IDHA 1st homs illinois 7500 down payment assistance program here.

Apply now

To apply for Down payment assistance contact Tom Mackrola Of Inlanta Mortgage 312 561 7484.

 

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Many people contact me in regards to down payment assistance. A great solution for first time home buyers in Chicagoland is the IDHA 1st HOME ILLINOIS Program.

The 1st Home Illinois mortgage is a 30 year fixed rate mortgage program. The interest rate for the mortgage will remain the same for the entire term of the loan. A $7,500 down payment assistance grant is available for those who qualify for the 1st HomeIllinois Program.

The borrower’s contribution is limited to $1,000 or 1 percent of the purchase price, whichever is greater. As a result , for as little as $1,000 out of pocket, a qualified borrower can purchase a new home using this program.

The 1st HomeIllinois Program Offers a $7,500 cash grant for down payment and closing costs on a fixed rate 30 year mortgage. The program provides a competitive interest rate and can be used with FHA, VA, USDA or Conventional loan products.

The program has a few requirements about the property. The property type can be either a 1 or 2 unit property. The property must be located in Boone, Cook, DeKalb, Fulton, Kane, Marion, McHenry, St. Clair, Will or Winnebago counties. The property must be an existing residential dwelling as new construction is excluded from this program/

The buyer must either be a First-time homebuyer or someone who has not owned a home in the last three years who can contribute at least $1,000 or 1 percent of the purchase price, whichever amount is greater. To qualify for the program the borrower must meet the income, purchase price limits and credit score requirements. The 1st home Illinois program is intended for properties being purchased by buyers who plan on living in the home as their primary residence.
the borrower is also required to complete homeownership counseling either online or in-person.

The Illinois Housing Development Authority program is a great option for someone who is looking to get a $7500 grant towards down payment assistance. This grant can help a borrower with the purchase of their first home. The process requires more documentation than does a loan that is not using the IDHA funds. It is important to align with a lender who has closed loans using this product. I have closed IDHA deals and have learned alot about this resource along the way. I am happy to help you utilize this program in the purchase of your first home.

Contact Tom Mackrola @ Inlanta Mortgage for more information about the IDHA 1stHomeIllinois 7500 down payment assistance grant program @ 312-561-7484 or [email protected]

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