Offers $7,500 in down payment assistance to first-time homebuyers - IHDA

Offers $7,500 in down payment assistance to first-time homebuyers

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Program Highlights

? $7,500 CASH ASSISTANCE FOR DOWN

PAYMENT & CLOSING COSTS

? 30 ?YEAR, FIXED RATE MORTGAGE

? ELIGIBLE FOR FIRST-TIME HOME

BUYERS OR ANYONE WHO HAS NOT OWNED A HOME IN THE LAST THREE

YEARS (VETERANS ARE EXEMPT)

? INCOME LIMITS UP TO $91,347 FOR

A HOUSEHOLD OF THREE OR MORE

? LIMITED FUNDS ?ACT NOW!

AVAILABLE IN THE FOLLOWING COUNTIES

? BOONE ? COOK ? DEKALB ? FULTON ? KANE

? MARION ? MCHENRY ? ST. CLAIR ? WILL ? WINNEBAGO

COUNTY CHARACTERISTICS

1. COUNTY IS ABOVE THE STATE AVERAGE IN 4 OUT OF 5 HOUSING DISTRESS INDICATORS

2. IHDA LOAN PRODUCTS HAVE SIGNIFICANT

MARKET PENETRATION

1STHOMEILLINOIS

1STHOMEILLINOIS

? AVAILABLE FOR FIRST-TIME HOMEBUYERS AND THOSE EXEMPT (VETERANS AND THOSE

PURCHASING IN TARGETED AREAS)

? $7,500 CASH ASSISTANCE FOR DOWN PAYMENT & CLOSING COSTS

? MUST PURCHASE A 1-2 UNIT PROPERTY ON LESS THAN 5 ACRES IN ONE OF THE DESIGNATED

COUNTIES

- BOONE, COOK, DEKALB, FULTON, KANE, MARION, MCHENRY, ST. CLAIR, WILL AND WINNEBAGO

? 30-YEAR FIXED RATE MORTGAGE

? ON CONVENTIONAL LOAN DU ONLY, NO LP (NO FREDDIE MAC PERMITTED AT THIS TIME)

? NO NEW CONSTRUCTION PERMITTED ? INCOME AND PURCHASE PRICE MUST BE WITHIN COUNTY LIMITS

1STHOMEILLINOIS RECAP

? FUNDING IS ON A FIRST-COME, FIRST-SERVED BASIS ? LOCKS ARE GOOD FOR 60 DAYS

? IF LOAN IS NOT SOLD TO US BANK HFA DIVISION BY THE 60TH DAY, A .25 SRP REDUCTION WILL

BE MADE, THEN IF NOT SOLD BY THE 90TH DAY IHDA RESERVES THE RIGHT TO NOT PURCHASE THE LOANS, OR LOAN WILL BE SUBJECT TO ADDITIONAL SRP REDUCTIONS

? IN ORDER TO RECEIVE THE DPA, YOU MUST ALSO USE AN IHDA FIRST

MORTGAGE - LOANS ARE BOUGHT BY US BANK HFA DIVISION TOGETHER

? MAKE SURE YOU USE THE CORRECT AND CURRENT NOTE FOR THIS PROGRAM

YOUR PUBLIC FINANCE PARTNER

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