Home Buying in 60193>Question Details

jtchandler602, Home Owner in Schaumburg, IL

How does the SmartMove Program in Illinois work?

Asked by jtchandler602, Schaumburg, IL Mon Jan 28, 2013

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Barb Lanis’ answer
The IHDA Smart Move program is for first time home buyers that offers down payment assistance. It can be used with a Conventional Loan or an FHA. I just closed one last week and it worked perfectly for my clients who had good income, but next to zero for a down payment.

You must have at least 1% of the purchase price or $1,000 (whichever is greater) of your own funds. There are income limits, but they are very generous.

Please feel free to contact me if you would like further information.
0 votes Thank Flag Link Tue Feb 5, 2013
I understand there are income limits approximately 90k is the limit for a buyer with a 1 - 2 person household. Here is my question: I am married, have a sizeable amoutn of student loans (which I am paying). My hubby and I file our taxes seperately and he has very little debt (3k total), which should be paid off in the next 2 months. He makes 75k a year and we both decided it is best to just have him purchase the home without my income even coming into the picture. Will the imcome limitation just take his income into consideration, or do I have to include my income (mind you I will not be on the mortgage). We make good money, but had a series of things happen and we are now bouncing back, but do not have a lot of liquid $ to use as a down payment.
Flag Tue Apr 1, 2014
SmartMove is a DPA, Down Payment Assistance, Program to help home buyers finance their home purchase with a participating Lender.

Your first step is to contact a participating Lender to get qualified and be preapproved for financing your purchase.

I am a participating Lender, call me.
0 votes Thank Flag Link Fri Jan 24, 2014
This is an Ihda program. Available to first-time buyers only. There are other requirements, but it is a down payment assistance program.

You should talk to a lender on what else is required and if you are eligible.
0 votes Thank Flag Link Mon Jan 28, 2013
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