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Source: Illinois Housing Development Authority (IHDA)

Buying a home can be an exciting and intimidating process. With an IHDA loan, we strive to make the process as streamlined as possible so you can achieve your goal of homeownership. In the video below, you will see how easy the IHDA loan process can be and how we helped a family achieve the dream of homeownership by purchasing their first home. 

How to apply:

Let our network of qualified lenders guide you through the quick and easy process. Locate a lender near you by visiting the Find a Lender page in this section of our website or call 312.836.5200 to speak with the Homeownership Department. Income and purchase price limits apply.

IHDA Loan programs:

Welcome Home Illinois

SmartMove

SmartMove Plus

SmartMove Trio

Illinois Building Blocks

Welcome Home Heroes 

Welcome Home IllinoisSee Flyer

The Welcome Home Illinois loan comes with down payment assistance that drastically reduces the total cost of your home and a below-market interest rate that saves you hundreds of dollars each month.

Welcome Home Illinois includes:

  • $7,500 cash assistance to cover down payment
  • 30-year fixed-rate mortgage with a below-market interest rate
  • Variety of loan options to choose from, including FHA, Conventional, VA, and USDA

Eligibility:

  • Buyers must be first-time homebuyers or anyone who has not owned a home in the last three years

Requirements:

• Contribute one percent or $1,000 of the purchase price, whichever is greater
• Purchase a one- or two- unit property within Illinois
• Live in property as primary residence

Learn more about the new Welcome Home Illinois Home Loan Program today!

Download the Welcome Home Illinois Whitepaper to learn more on the impact of the first-time buyer on the Illinois Economy.

SmartMove – See Flyer

IHDA’s flagship mortgage program, SmartMove, offers first-time homebuyers an affordable 30-year fixed-rate mortgage and up to $6,000 for down payment. SmartMove is the perfect solution for borrowers who have limited funds for down payment, yet have the financial means to maintain monthly mortgage payments.

SmartMove includes:

• Up to $6,000 cash assistance to cover down payment
• 30-year fixed-rate mortgage with a competitive interest rate
• Variety of loan options to choose from, including FHA, Conventional, VA, and USDA

Eligibility:

• Buyers must be first-time homebuyers

Requirements:

• Contribute one percent or $1,000 of the purchase price, whichever is greater
• Purchase a one- or two- unit property within Illinois
• Live in property as primary residence

SmartMove Plus – See Flyer

SmartMove Plus is for buyers who currently own a home and want to refinance or buy a new home.

SmartMove Plus offers:

• 30-year fixed rate mortgage with a competitive interest rate
• Variety of loan options to choose from, including FHA, Conventional, VA, and USDA

Eligibility:

• Buyers need not be first-time homebuyers

Requirements:

• If purchasing, contribute one percent or $1,000 of the purchase price, whichever is greater
• Purchase or refinance one- or two- unit property within Illinois
• Live in property as primary residence

SmartMove Trio – See Flyer

SmartMove Trio includes:

• Up to $6,000 cash assistance to cover down payment
• Federal tax credit that reduces income tax liability by up to $18,000 over the loan life*

• 30-year fixed rate mortgage with a competitive interest rate
• Variety of loan options to choose from, including FHA, Conventional, VA, and USDA

* based on a 30-year, $128,000 loan with a 4 percent interest rate

Eligibility:

• Buyers must be first-time homebuyers

Requirements:

• Contribute one percent or $1,000 of the purchase price, whichever is greater
• Purchase a one- or two- unit property within Illinois
• Live in property as primary residence

Welcome Home Heroes – See Flyer

The Illinois Welcome Home Heroes program provides critical financial support to men and women who have honorably served in our armed forces.

Welcome Home Heroes offers:

• $10,000 cash assistance to cover down payment
• 30-year fixed rate mortgage with a competitive interest rate
• Federal tax credit that reduces the federal income tax liability by up to $18,000 over the loan life*
• Variety of loan options to choose from, including FHA, Conventional, VA, and USDA

* based on a 30-year, $128,000 loan with a 4 percent interest rate

Eligibility:

• Veterans (need not be first-time homebuyers)
• Active military personnel, reservists and Illinois National Guard members (must be first-time homebuyers)

Requirements:

• Contribute one percent or $1,000 of the purchase price, whichever is greater
• Purchase a one- or two- unit property within Illinois
• Live in property as primary residence

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