What is the IHDA program?

What is the IHDA program?

IHDA Mortgage Opening Doors, or Abriendo Puertas, is designed to provide a safe and affordable lending program that allows families across Illinois the opportunity to break the cycle of renting and achieve a path to homeownership.

How is the Illinois Housing Development Authority funded?

IHDA accomplishes its mission through a number of funding sources including the Illinois Affordable Housing Trust Fund, Illinois Affordable Housing Tax Credits, the allocation of federal Low-Income Housing Tax Credits and HOME Investment Partnership funds.

What is an IHDA grant?

Through the new IHDA Advantage Subsidy program, IHDA will give eligible homebuyers an outright grant of either $1,500 or $2,500, depending on household income, to pay for closing costs associated with their home purchase. The assistance incentivizes home buying in distressed areas across Cook, Marion, St.

How do I contact IDHA?

You may reach the call center at 866-454-3571 or via email at [email protected].

How do I qualify for IHDA?

Access Forgivable Requirements

  1. Meet the household income and purchase price limits.
  2. Minimum credit score of 640 is required.
  3. Both new construction and existing homes are eligible.
  4. First-Time and Non First-Time Homebuyers are allowed.
  5. All Illinois counties are eligible.

How long does IHDA approval take?

have been approved for the grant and your landlord will receive the funds as soon as 10 business days after approval.

How do I check my Ihda status?

You may check the status of your application at ilrpp.ihda.org/status.

How long does it take to get approved for IHDA?

How do I apply for a FHA loan?

So the first thing you need to do is choose a lender you want to apply with.

  1. Find a lender. The first step to getting an FHA home loan is finding an FHA-approved lender.
  2. Apply for a loan. After finding a lender, the next step is to submit a loan application.
  3. Provide basic details.
  4. Compare Loan Estimates.

Can I refinance my Ihda loan?

A: No. Once IHDA clears the file to close (and if the payoff figures do not change by more than $2,000) you may close with the same amount of assistance as on the Guaranty Letter. Any amount the borrower receives over $250 plus the appraisal, will be a principal reduction at the closing.

Where does the Ihda get its funding from?

IHDA accomplishes its mission through a number of funding sources including the Illinois Affordable Housing Trust Fund, Illinois Affordable Housing Tax Credits, the allocation of federal Low-Income Housing Tax Credits and HOME Investment Partnership funds.

When to use the Ihda home loan resource center?

For use ONLY when borrower or spouse is NOT required to file federal tax return. Provides a detailed look at all program information for each Access Program.

When to use the income calculator for Ihda?

This is to be used only with Access loans utilizing an MCC. For use on MCC Program ONLY when borrower or spouse is NOT required to file federal tax return during any of the three preceding years. The Income Calculator used to calculate Compliance Income for IHDA’s Homeownership Programs.

What do you need to know about the Ihda Opening Doors program?

Customizable flyer for IHDA Loan Officers and Realtors to promote the Access Mortgage loan program. Archived newsletters for lenders that provide important changes to the IHDA Single Family Homeownership Program. Provides a detailed look at all program information for the Opening Doors program.