Heroes
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That's the title for a new financing program for Illinois residents who are either active duty military families, or veterans, offered by the Illinois Housing Development Authority, (the "IHDA").
This is intended as an overview....a screening for applicability, offered by Home Buyers Relo to its home buying clients.
And first of all, we don't want you to get really excited about it until you KNOW you qualify, and there are lots of hoops!
The most formidable is a limit on family income that many military families will exceed...(with details below.)
The most formidable is a limit on family income that many military families will exceed...(with details below.)
So many that if you DO think you qualify, we'll instantly refer you to a so-called "Preferred IHDA Lender", who will have all the facts. Here's the way the formal announcement looked. Our comments are below this notice:
The lender here is the Illinois Housing Development Authority. They have had other programs in which we've successfully participated, notably "1st Time Home Buyers" lending in previous years. So they are very legit...but the programs are complex.
A few of the hard qualifiers for your (and our) use:
It's available to both active duty personnel, including Guard participation, and veterans.
It is NOT available to families with MORE than the following incomes:
Households of 1 or 2; $ 71,100
Households of 3 or more; $ 81,765
It's for first time home owners only....with that defined as not buying a home within the last 3 years.
It requires 3 years tax returns and lot of other documentation.
It requires at least $ 1,000 of the borrower's money in cash, or 1% of the purchase price, whichever is greater.
There's an additional potential benefit called an MCC, or "Mortgage Credit Certificate" that may help save income taxes....it too, is complex.
There's a second program that they've promoted before, called "Smart Moves"
It offers $ 6,000 or 3% of the purchase price, whichever is less, as a forgivable 10 year loan
For more detail on both, readers could view the IHDA Website, at www.IHDA.org
and www.IllinoisHardestHit.com
If you think you qualify, call us immediately for a referral to an appropriate lender.