Has anyone here had experience with down payment assistance programs or more specifically, IHDA (Illinois Housing Department Authority)loans?
Most of the lenders in my network have not done any of these programs and I was wondering how it could work for a first time homebuyer planning on purchasing a 2 unit? (Living in one unit, renting out the other)
Of course, with these programs come income limits as well as purchase price limits. I read that in Cook County, you could qualify if you make less than $80,000 (as a single individual) and get up to about $400,000 loan amount.
I'm also wondering how this could affect someone's ability to get traditional financing for other investment properties in the future.
@Cristina Gonzalez I do a ton of these. Sent you a PM.
IHDA do offer primary residence up to 2 units. No matter which lender originate US bank hold the loan. This is good program but has income limit and area restrictions. Most of the banks offers this program or you can see lender list on IHDA website.
What town(s) exactly are you looking to buy? We do a lot of IHDA loans, but have other options too which might be more suitable depending on your income, location of the property, etc. Happy to help!