09232019CM0198EAST. ST. LOUIS – As low-income families still face disproportionately high barriers to homeownership, State Senator Christopher Belt (D-Centreville) is spreading the word about the new SmartBuy mortgage and student loan assistance program.  

“For low-income families, homeownership is critical for creating a stable environment in which to raise a family,” Belt said. “Providing families with the tools to become homeowners and repay student loan debt is substantial. This is an opportunity that shouldn’t be left on the table, and I urge prospective homeowners to apply for this assistance program.”

The Illinois Housing Development Authority (IHDA) launched the SmartBuy program Dec. 1, 2020. The program offers a safe, affordable 30-year fixed rate first mortgage with $5,000 in assistance to be used toward a down payment and/or closing costs. In addition, the program will provide 15% of the purchase price, or up to $40,000, in student loan debt relief to borrowers.

To qualify for SmartBuy, potential borrowers must have at least $1,000 in student loan debt and must pay off their full remaining student loan balance at closing. The program also requires a FICO mid-score of at least 640, and applicants must meet certain income and purchase price requirements.

SmartBuy was created using appropriations allocated to IHDA in the historic, bipartisan Rebuild Illinois capital plan, and is expected to assist approximately 500 to 1000 borrowers.

Learn more about SmartBuy and find a list of SmartBuy approved loan vendors atwww.ihdamortgage.org/smartbuy.

Category: Press Releases

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