The SmartMove program features up to $6,000 for down payment and closing cost assistance as a 10-year zero percent forgivable loan. IHDA's programs are geared toward borrowers who need extra flexibility on sources of income or who have limited funds for down payment and closing costs.
SmartMove features:
- Maximum LTVs from 96.5 to 100 percent
- Conventional, FHA, USDA products available
- Fixed-rate loans with up to 30-year loan terms
- Mortgage insurance requirements at one-third less than other conventional products
Qualifications include:
- Minimum credit score = 620 (FHA and USDA loans) or 660 (conventional loans)
- Buyer must contribute 1 percent or $1,000 of purchase price, whichever is greater
- Household income and purchase price limits apply
- HUD-approved homeownership counseling required
For a list of lenders offering SmartMove, see www.ihda.org or call your local Real Estate agent!
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