It’s a common misconception that down payment assistance programs are a thing of the past. Fortunately for first-time homebuyers, the Illinois Housing Development Authority (IHDA) has a program called SmartMove that provides a variety of options to help you with your purchase.
The SmartMove program offers anyone who hasn’t owned a primary residence within the last three years a first mortgage with an affordable interest rate or a second mortgage of up to $6,000 for down payment and/or closing cost assistance. There are specific income and home price requirements you need to meet in order to qualify for the program, but as one of IHDA’s top five lenders, Key Mortgage has the necessary tools and expertise to help clients obtain this assistance.
“This money could be the deciding factor on whether or not someone can afford a home, so it’s imperative that the process goes as smoothly as possible,” said Steve DiMarco. “Working with a lender that has a thorough understanding of this and other down payment assistance programs is absolutely essential.”