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Housing
IFA Single-Family Home Mortgage Program
to Help Purchase a Home
- 3% down payment assistance
- Buyer typically only needs closing costs
- 30 yr, fixed FHA mortgage
The Illinois Finance Authority has approved the offering of a new single-family home mortgage program to help families in
Illinois buy a home.
Through the program the IFA will issue up to $50 million in tax-exempt bonds to fund mortgages for low- to
moderate- income homebuyers. Stephens Inc., the bond underwriter for this program, has structured a 30 year, fixed rate FHA
mortgage that will provide competitive rates to potential homebuyers, typically 50 to 75 basis points below the rate for a
similar conventional mortgage*. In addition, the program provides 3% down payment assistance in the form of a forgivable grant
to qualified homebuyers, another important element of the transaction.
Reaching Out...
to put home ownership within reach
This program has special benefits for first-time home buyers and helps make first time homeownership available to more people
throughout Illinois. By providing lower interest mortgages, with down payment assistance, we help make homeownership more affordable.
* offering down payment assistance with no closing points.
Restrictions and exclusions apply. This information is provided for informational purposes only, and no representation is being made
that a particular applicant will be approved for participation in the program. Information may be changed or updated without notice.
INFORMATION IS PROVIDED “AS IS”. IN NO EVENT WILL THE ILLINOIS FINANCE AUTHORITY BE LIABLE TO ANY PARTY FOR ANY DIRECT, INDIRECT,
SPECIAL, CONSEQUENTIAL OR OTHER DAMAGES FOR ANY USE OF THIS MATERIAL |
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