More financing options for Illinois homebuyers

SmartMove, a home financing program from the Illinois Housing Development Authority (IHDA), helps first-time buyers get into a home, but IHDA Executive Director Mary Kenney said Monday that in the coming months the state plans to expand mortgage options to those who aren’t first-time buyers.

Kenney was part of a panel of experts discussing financial opportunities for Illinois residents and investors as part of a one-day Housing Conference with Gov. Pat Quinn held at the Springfield Hilton in partnership with IAR and the Illinois Real Estate Educational Foundation.

Kenney highlighted some of IHDA’s latest housing intiatives, including Welcome Home Heroes, a home financing package for military families; the Building Blocks Pilot Program aimed at rehabilitating vacant properties in six Chicago area communities; Illinois Hardest Hit mortgage assistance; and the Illinois Foreclosure Prevention Network. Learn more about the programs at www.ihda.org.

Antonio Riley, Chicago Administrator of the U.S. Department of Housing and Urban Development (HUD) said there is a proposal to streamline HUD’s 203K program, making it easier for borrowers to buy “handyman  specials” or homes that need repairs through the Federal Housing Administration (FHA). Riley said FHA is also extending its waiver of anti-flipping regulations through 2012. www.hud.gov.

Also on the panel was John Stocchetti, executive vice president of operations and technology with the Federal Home Loan Bank (FHLB) of Chicago, outlined some of the community investment products available through FHLB. Get the details at www.fhlbc.com, but here are a few of the highlights:

  • Downpayment Plus Program – a down payment and closing cost assistance program for low- and moderate-income homebuyers;
  • Competitive Affordable Housing Program – subsidy funds to support affordable housing programs and projects; and
  • Community Investment Cash Advances – credit products to support member’s community lending initiatives.
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About Stephanie Sievers

Stephanie Sievers is Associate Editor for the Illinois Association of REALTORS®. She serves as Associate Editor for IAR publications including the Illinois REALTOR® magazine and all other IAR publications. She is responsible for developing content for the Illinois REALTOR® Weekly Connection e-newsletter, coordinates the IAR Twitter account content at ILREALTOR and plans and develops content for videos. She assists in developing and writing content for the IAR blog. She also is involved in researching and drafting news releases and coordinates the news media distribution database and newsclips reports for the Association. She also assists in IAR spokesperson training seminars and is involved in development of association briefing materials on issues. She assists with the housing statistics program and reports.

One thought on “More financing options for Illinois homebuyers

  1. Is there help for individuals that need assitance with first time homeowners downpayment/closing cost?

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