With the debut of the @HomeIllinois mortgage to the market this week by the Illinois Housing Development Authority (IHDA), Illinois REALTORS® may be able to help more creditworthy homebuyers this Spring and help local economies at the same time.
That’s the philosophy behind the development of a 30-year fixed rate mortgage, with $5,000 in down payment assistance for first-time buyers, homeowners looking to refinance and – for the first time in the history of the IHDA – repeat buyers, too.
IHDA Executive Director Mary Kenney says @HomeIllinois mortgages can be customized to fit the individual needs of borrowers. “We are very excited to launch the much-anticipated @HomeIllinois program, designed to help every type of borrower, not just first-time buyers. 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.”
According to the National Association of REALTORS®, one job is created for every two homes sold in the state. In 2014, IHDA programs helped 10,000 buyers with loans and down payment assistance totaling $1.2 million. It was the IHDA’s highest annual total of home loans in 30-plus years.
The maximum annual income for households of three or more in the @HomeIllinois program is $108,675, while for households of one or two the max is $94,500.
Created in 1967, the IHDA is a self-supporting state agency that finances the creation and the preservation of affordable housing across Illinois. Over the course of those 47 years, the IHDA has financed approximately 245,000 affordable housing units for Illinoisans.
For more information, visit athomeillinois.gov.