Let Key Mortgage help your first-time and non first-time homebuyers with IHDA’s Opening Doors program. This program provides $6,000 in downpayment assistance (or closing costs), which is typically forgiven over a five year period — meaning it doesn’t need to be repaid.
This program delivers a path to homeownership for renters and also for existing homeowners that meet the income and purchase limits. The loan is a 30-year fixed conventional FHA or VA that is currently priced well below the market, and is open to DACA recipients (DREAMERS).
These are the Opening Doors Requirements:
- First-time and non first-time homebuyers are allowed
- All Illinois counties are eligible
- Contribute $1,000 or 1% of the purchase price, whichever is greater
- Meet the income and purchase price limits
- Minimum credit score – 640 for all loan types
- Live in the home as primary residence
- One to two unit properties – including condominiums
- New construction is allowed
This may be exactly what your buyer may need to get them past the high rates or lack of downpayment and into a new home before the end of the year! For more information about qualifying your buyers for the IHDA Opening Doors program, reach out to your Key Mortgage loan officer.