The SmartMove program is designed for qualified buyers who have limited funds for down payment and/or closing costs. The program has several features:

oA first mortgage with an affordable interest rate. See the current rates.
oA second mortgage up to $6,000 for down payment and/or closing cost assistance
oVariety of loan products including FHA, VA, USDA and conventional loans.
Programs steps and process

Step One: Determine if you meet the program qualifications

The SmartMove program qualifications are:

i.You must be a first-time homebuyer. A first-time homebuyer is defined as someone who hasn't owned a primary residence within the last three years. Exemptions to the first-time homebuyer requirement:
-- Veterans: If you are a veteran, both you and your spouse do not have to be first-time homebuyers.
-- Targeted Area: Homebuyers purchasing a home in targeted areas of the state are exempt from the first-time homebuyer requirement.

ii.Your total household income and the purchase price of your home must be under the program limits. Please review income and purchase price limits.

Step Two: Visit a participating lender (me)

I will tell you what documentation is required, and verify whether you qualify for the loan based on the above parameters. Additionally, they will qualify you from a credit standpoint. After all information is received, a pre-approval letter will be issued to inform you of the loan amount for which you qualify.

Step Three: Look for a home

Once you are pre-approved for a loan, you can start looking for a new home.

Once you find a property and sign a contract, the lender will compile a loan package for final review and approval. The information will be reviewed by IHDA staff, as well as by your lender. The average time to complete this process is 30-45 days.

Brett Boyke

Wintrust Mortgage

773-983-5350