Down Payment Assistance

There are many ways in which you can get Down Payment Assistance from working with the Perl Mortgage and me on your next loan transaction.

Down Payment Assistance
First, Perl Mortgage is a proud partner with the Illinois Housing Development Authority in sponsoring the Welcome Home Illinois, Welcome Home Veterans and SmartMove loans.

Buying your first home can be an exciting and intimidating process. With the IHDA loans, IHDA strives to make the process as streamlined as possible so you can achieve your goal of homeownership.

For an overview of the program and the necessary steps to obtain an IHDA loan, please see below:
 
The IHDA loan programs offer a variety of affordable loans to:

• first-time homeowners,

• non first-time homebuyers, and

• veterans 
  
  

Depending on the SmartMove loan you choose, homebuyers can receive:

• A first mortgage with an affordable interest rate. Link to IHDA's Current Rates. These rates may be a little higher than your typical VA, FHA or conventional loan, BUT you are getting $6,000 to $10,000 in down payment assistance!!!

• From $6,000 to $10,000 for down payment and/or closing cost assistance in the form of a second mortgage that is only repaid if the home is sold or the first mortgage is refinanced. 

• Variety of loan products including FHA, VA, USDA and conventional loans. For conventional loan products, the mortgage insurance costs are reduced significantly......SAVING YOU MONEY MONTHLY!!!

Here are some easy steps to complete the application process:

Step One: Determine if you meet the program qualifications

• Down payment and closing cost assistance is only available for first-time buyers. A first-time homebuyer is defined as someone who hasn't owned a residence within the last three years. Exemptions to the first-time homebuyer requirement:

• Veterans: If you are a veteran, both you and your spouse do not have to be first-time homebuyers.
• Targeted Area: Homebuyers purchasing a home in targeted areas of the state are exempt from the first-time homebuyer requirement. Please review the Listing of Targeted Areas.

• Down Your total household income and the purchase price of your home must be under the program limits. Please review Income and Purchase Price Limits.

Step Two: Take out an application with Perl Mortgage
I will tell you what documentation is required, and verify whether you qualify for the loan based on the above parameters. Additionally, I will qualify you from a credit standpoint. After all information is received, a pre-approval letter will be issued to inform you of the loan amount for which you qualify. It is basically the same process as applying for a VA, FHA or conventional loan with the exception of a bit more paperwork.

Step Three: Look for a home!!!
Once you are pre-approved for a loan, you can start looking for a new home.

Once you find a property and sign a contract, the lender will compile a loan package for final review and approval. The information will be reviewed by or in-house IHDA staff, as well as by your by Perl's in-house underwriters. IHDA's compliance review generally takes a bit of time so you should schedule for a 45 day closing.

Congratulations
After your loan package is approved, you will close (transfer of the property to you from the seller). Congratulations - you are now a homeowner!