First Time Home Buyers Program

Do you have limited funds for a down payment or closing costs? Do you need first time home buyers program?

Many times people find themselves in a situation where they can make a monthly payment, but do not have enough savings for a down payment. Or people simply aren't aware of the loan options available to them. So for you would-be first time homebuyers out there, there is first-time home buyers program called SmartMove from the Illinois Housing Development Authority (IHDA), which can help you amass the funds you need for your down payment and get an affordable mortgage so that you can stop renting and purchase your very own home.

SmartMove, IHDA's flagship program offers:

• Available throughout Illinois
• Minimum credit score as low as 640
• Up to $6,000 cash assistance to cover down payment and closing costs
• 30-year fixed-rate mortgage with a competitive interest rate
• A variety of loan options to choose from, including FHA, Conventional, VA, and USDA
• Contribute only one percent or $1,000 of the purchase price, whichever is greater
• Purchase a one- or two- unit property
• Live in property as primary residence

To be eligible for this home buyer program you:

• Must be first-time homebuyers
• A first-time homebuyer is someone who has not owned a home in three years

SmartMove is part of the Illinois American Dream Downpayment Initiative (ADDI).

Click Here for More Information on Down Payment Assistance