IHDA: Your Genie in a Bottle

IHDA: Your Genie in a Bottle | blog.phmc.com

A homeowner’s net worth is expected to be 45X GREATER than a renter.

Great news for Illinois residents! Just when you thought you’d never get out of your parents’ house, upgrade to a larger space for the kids, move closer to work, or stop paying someone else’s mortgage with your rent money, there’s a reason for optimism. 


What is needed to buy a home? 20% down and a 30-year mortgage? 

FALSE!

The Illinois Housing Development Authority (IHDA) can help you with one of the largest hurdles of home ownership: the down payment. You no longer need to feel stuck; your first home just became possible.

Who can IHDA help?

Aspiring home buyers, first-time and repeat, such as…

  • Single parents: When there is only one source of income in any household, it might seem like you’ll never get ahead. Now, you can upgrade your living space to something more comfortable for your family.
  • Recent college grads: Congratulations! You’re officially on your way to the next chapter of your life. Are Mom and Dad driving you nuts since you’ve been back? Sounds like it’s time to start searching for that condo in the city, close to work, with lots of entertainment options!
  • Veterans: There’s nothing like a place to call your own to welcome you back home. Our veterans should return home to enjoy the American dream of home ownership and the freedom they’ve been fighting for.
  • Serial Renter: You no longer need to keep throwing your hard-earned money out the window by paying someone else’s mortgage, while they reap all of the benefits. Yes, owning your own home and building equity can be a part of your life–sooner than you think!

IHDA 1st Home Illinois | blog.phmc.com

If you are interested in buying a home in Boone, Cook, DeKalb, Fulton, Kane, Marion, McHenry, St. Clair, Will or Winnebago counties, look into 1st Home Illinois.

What is the 1st Home Illinois program?

1st Home Illinois is a safe way to help millions of Americans achieve their home ownership dreams. It is a 30-year, fixed rate mortgage and can be used with various loan types. It is tailored to first-time home buyers, veterans, or anyone who has not purchased a home within the past 3 years.

1st Home Illinois offers:

  • $7,500 cash grant for down payment and closing costs
  • 30-year, fixed rate mortgage with a competitive interest rate
  • Choice of FHA, VA, USDA or Conventional loan type

How can I qualify for this program?

You must meet these requirements to qualify for 1st Home Illinois:

  • Purchase a one or two unit property in Boone, Cook, DeKalb, Fulton, Kane, Marion, McHenry, St. Clair, Will or Winnebago counties
  • First-time home buyer, veteran or anyone who has not owned a home in the last three years
  • Contribute $1,000 or 1 percent of the purchase price, whichever is greater
  • Meet the income and purchase price limits
  • Meet the credit requirements
  • Live in the home as your primary residence
  • Complete home ownership counseling (online and in-person options available)
  • Property must be an existing residential dwelling (new construction excluded)

IHDA @HomeIllinois Mortgage | blog.phmc.com

For Illinois residents looking to purchase their first home, the @HomeIllinois First-Time Buyer program is perfect for you!

What is the @HomeIllinois First-Time Buyer program?

First-time home buyers can now step into their first home, even if they don’t have a down payment. Through the The @HomeIllinois First-Time Buyer program, buyers is another safe option with a 30-year, fixed rate mortgage and a few different options of which to choose. For as little as $1,000 out of pocket, you can purchase your first home!

@HomeIllinois First-Time Buyer options:

  • $5,000 down payment or closing cost assistance
  • Federal tax credit certificate
  • Lender paid mortgage insurance
  • Choice of FHA, VA, USDA or Conventional loan type

How can I qualify for this program?

  • Contribute $1,000 or 1 percent of the purchase price, whichever is greater
  • Meet the income and purchase price limits
  • Meet the credit requirements
  • Live in the home as your primary residence
  • Complete home ownership counseling (online and in-person options available)

For Illinois buyers looking to upgrade, downsize, or relocate, IHDA offers the @HomeIllinois Repeat Buyer program.

What is the @HomeIllinois Repeat Buyer program?

For the first time ever, IHDA is offering down payment and closing cost assistance for repeat home buyers as well. For as little as $1,000, you can move into a larger home to accommodate your growing family or cut your commute to work! The @HomeIllinois Repeat Buyer program offers a 30 year, fixed-rate mortgage with various options.

@HomeIllinois Repeat Buyer Options:

How can I qualify for this program?

  • Contribute $1,000 or 1 percent of the purchase price, whichever is greater
  • Meet the income and purchase price limits
  • Meet the credit requirements
  • Live in the home as your primary residence
  • Complete home ownership counseling (online and in-person options available)

Platinum Home Mortgage is an IHDA participating lender!

Andy Mikkila | blog.phmc.com

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IHDA: Your Genie in a Bottle | blog.phmc.com

From left to right: William Giambrone, President/CEO & Michael Giambrone, Senior Executive Vice President of Platinum Home Mortgage Corporation

                                                               

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