Your Trusted Real estate gurus Real Estate Agent
IHDA-illinois housing development authority
IHDA is a good option but many buyers complicate the process. Keep it simple...Your lender has to decide what loan program best suits your need such as conventional, FHA, VA and they use funds from IHDA to help with either down payment or closing costs. There are a few main points to be aware of with these programs. First, the minimum credit score is 640. The second, is there are income limits. These limits do vary from county to county. This means that the borrower(s) on the loan can not make more than these predefined amounts. Third, there are caps on the purchase prices. Overall, the income limits are very generous and the purchase price caps are also very fair. Lastly, and by far the most important, this program is for first-time and NON-first-time home buyers. Here are some important links to the IHDA program.
Program Matrix
Income and Purchase Price Limits
These programs do change frequently and funding does run out so its important to check with your lender for availability. It is also important to know that IHDA sets the interest rate on your loan if you use their program so there will not be a difference from lender to lender.
