As the state’s housing finance agency, the Illinois Housing Development Authority (IHDA) offers SmartMove—a suite of safe and reliable homebuyer loan products available statewide.

SmartMove mortgage products can make the difference in landing a home sale with incentives such as affordable interest rates and down payment assistance.

“Our SmartMove programs provide a secure and affordable way for first-time buyers and Veterans to purchase a home,” says Gloria L. Materre, IHDA executive director.

SmartMove features up to $6,000 for down payment and closing costs as a 10-year zero percent forgivable loan. IHDA’s programs are geared toward borrowers who need extra flexibility on sources of income or who have limited funds for down payment and closing costs.

SmartMove features:

• Maximum LTVs from 96.5 to 100 percent
• Conventional, FHA, USDA products available
• Fixed-rate loans with up to 30-year terms
• Mortgage insurance requirements at one-third less than other conventional products

Qualifications include:

• Minimum credit score = 620 (FHA and USDA loans) or 660 (conventional loans)
• Buyer must contribute 1 percent or $1,000 of purchase price, whichever is greater
• Household income and purchase price limits apply
• HUD-approved homeownership counseling required

For a list of lenders offering SmartMove, see www.ihda.org. Call 312-836-5200 to speak with the Homeownership Originations department.