SPRINGFIELD, IL – Starting today, INB, N.A. mortgage lenders can provide Illinois homebuyers with up to $6,000 to help them purchase a new home. The program, IHDAccess Forgivable, assists borrowers who qualify for a loan, but may not have enough funds to cover downpayment and closing costs due to student loans or other burdens. Administered by the Illinois Housing Development Authority (IHDA), funds provided under IHDA Access Forgivable are completely forgiven after 10 years.
"Working with IHDA Mortgage allows INB to make homeownership a reality for people who might otherwise never be able to own a home,” said INB VP, Mortgage Sales Manager Brad Dyer. “One of our bank’s core values is caring, and teaching our lending and back-office staff the intricacies of IHDAccess Forgivable is just one way we can go into the community and show them we care. We can help make Central Illinois more vibrant by showing families who want homeownership how the gift of an IHDAccess Forgivable loan can help them. We are thrilled to be part of the IHDA program.”
According to IHDA, nearly 10% of all first-time homebuyers use IHDA Mortgage products to help receive the additional leverage needed to bridge the gap of homeownership. IHDAccess Forgivable is for both first-time and repeat homebuyers and offers a very competitive interest rate to help keep costs down over the length of the mortgage.
IHDAccess Forgivable highlights include:
- 4% of the purchase price up to $6,000 in assistance for down payment and closing costs, forgiven monthly over 10 years – it does not have to be repaid;
- A fixed rate 1st mortgage with an affordable interest rate; and
- Available to first-time and repeat homebuyers statewide.
- Borrowers must meet these eligibility requirements:
- Meet the household income and purchase price limits;
- Have a credit score of at least 640;
- Property must be in located in Illinois;
- Contribute $1,000 or 1% of the purchase price, whichever is greater;
- Live in the home as primary residence for 10 years; and
- Complete homeownership counseling prior to close (online and in-person options available).
Interested homeowners can learn more about IHDAccess Forgivable by contacting any INB mortgage lender.