MMRP Lender Matrix and other Incentives

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Malcolm Wells
8 years ago
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1 Blueleaf Lending provides Purchase for $35, Purchase up to 80% AMI $25, Purchase up to 120% AMI 15 Year Henry Gomez Citibank provides Purchase for $35, Purchase up to 80% AMI $25, Purchase up to 120% AMI Closing Cost Program Closing Cost *Up to $ if property is located in a lowmoderate census tract within a Citibank assessment area *Up to $ if they earn less than 80% Area Median Income and property is within a Citibank assessment area *If they meet both of the criteria above, they can combine both credits for a total of $ Ask about Citibank Assessment Home Run Mortgage *Up to 97% financing on SFD/loan amounts up to $417,000. *Up to 95% financing on SFD in certain high cost markets with loan amounts up to $625,000. *5% Down Payment for Condos or Co-Ops SFD, Condos, Coops Devon Bank provides funds to to District Max. $35, Grants for Rehab in Designated Area Owner Occupied Roger J. Legner rlegner@devonbank.com provides Purchase for $35, Purchase up to 80% AMI $25, Purchase up to 120% AMI Roger J. Legner rlegner@devonbank.com FirstMerit Mortgage provides funds to to District Max. $35, Grants for Rehab in Designated Area Owner Occupied provides Purchase for $35, Purchase up to 80% AMI $25, Purchase up to 120% AMI 1 Best Home Mortgage Loan Up to 95% of Purchase Price with no monthly PMI Do not have to be a first time homebuyer No maximum income limitation in designated targeted census tracts

00 if property is located in a lowmoderate census tract within a Citibank assessment area *Up to $1500.

2 IHDA Smart Move Down Payment Up to $6, IHDA Welcome Home Heroes Down Payment $10, Down Payment 1-2 Units Closing Cost Grants to Purchasing in Austin Must be First or 10 Years $15, Down Payment Owner Occupied Austin TIF Purchase/Rehab Purchase/Rehab of Acquiring, Rehabilitating Vacant and Foreclosed Properties Up to 25% of total project cost to Purchase or Purchase/Rehab a vacant property Owner Occupied TIF District HOPE Elgin Funds to be used for either down payment assistance, closing costs, rehabilitation costs or a combination $10, Down Payment Owner Occupied Elgin Area No income Restrictions (Inclusive Community Fund) Down Payment Up to $15, Down Payment 1 Unit Owner Occupied Ask about Eligible First Midwest provides Purchase for $35, Purchase up to 80% AMI $25, Purchase up to 120% AMI IHDA Smart Move Down Payment Up to $6, Must be First or 10 Years IHDA Welcome Home Heroes Down Payment $10, Down Payment 1-2 Units (Inclusive Fund) * 80% AMI, Up to $15, *80-120% AMI, Up to $10, *Over 120% AMI, $7, South Suburban Down Payment Plus Year $8, Owner Occupied Up to 80 % AMI Chicago Urban League Homeownership Program Down Payment Up to $6, Single Family Dwelling Owner Occupied City of Chicago Cook County VA Mortgage Up to $417, for Single Family Ask about limits for 2-4 Units *Owner Occupied No Income Limits 2

vacant property Owner Occupied TIF District HOPE Elgin Funds to be used for either down payment assistance, closing costs, rehabilitation costs or a combination $10,000.

3 Property and Typeother Incentives First Savings Bank of Hegewisch provides Purchase for $35, Purchase up to 80% AMI $25, Purchase up to 120% AMI 5% Down Payment with no PMI 1 Unit Owner Occupied Maximum Income Limit $70, Years Housing Services Chicago, Inc provides funds to to District Max. $35, Grants for Rehab in Designated Area Owner Occupied provides Purchase for $35, Purchase up to 80% AMI $25, Purchase up to 120% AMI Lending Program Forgivable Loans for Down Payment & Closing Cost Up to $5, Match for Down Payment & Up to $5, Match for Closing Cost 1-4 Unts Owner Occupied City of Chicago 5 years SARFS TIF Purchase/Rehab TaxSmart Standard Bank Closing Cost Grants to Purchasing in Austin Provides Safety, Security, and Accessibility Improvements so seniors can stay in their homes Purchase/Rehab of Acquiring, Rehabilitating Vacant and Foreclosed Properties Tax Savings credit to first time homebuyers or to homebuyers in a targeted area $15, for Down Payment Minimal Improvements at No Cost Owner Occupied Up to 25% of total project cost to Purchase or Purchase/Rehab a vacant property Owner Occupied Austin Wards:6,7,8,9,10,12, 19,21,22 and 34 Owner Occupied TIF District 20% of Mortgage Interest paid annually Owner Occupied City of Chicago Non Targeted Area Household of 3 or more $102,985. Targeted Area Household of 3 or more $103,040. Life of the loan provides Purchase for $35, Purchase up to 80% AMI $25, Purchase up to 120% AMI 3 Closing Cost Grants to Purchasing in Austin $15, Down Payment Owner Occupied Austin

00 Grants for Rehab in Designated Area Owner Occupied provides Purchase for $35,000.00 Purchase up to 80% AMI $25,000.

4 and other Occupancy/First Incentives Time IHDA Welcome Home Heroes Down Payment $10, Down Payment 1-2 Units IHDA Smart Move Forgivable Down Payment and Closing Cost, with optional MCC 3% of Purchase Price Up to $6, for incomes less than 80% AMI 1-2 Units Owner Occupied First Time (Except Veterans or Targeted ) 10 Years Forgivable Down Payment Up to $ 50, Owner Occupied Cook County-Eligible NSP Listings/ Varies with amount Assist 3% Grant with Assist Loan 3% of Loan Owner Occupied First Time (Except Veterans or Targeted ) Cook County; Several in Will, Kane, Kendall, DuPage Counties Varies by Market; Cook County ranges from $88,320. to $103,040. Grant/No Term TaxSmart Tax Savings credit to first time homebuyers or to homebuyers in a targeted area 20 % of Mortgage Interest paid annually Owner Occupied City of Chicago Non Targeted Area Household of 3 or more $102,985. Targeted Area Household of 3 or more $103,040. Life of the loan Chicago Community Land Trust (CCLT) Affordable Mortgage Program, resale restricted - may include Down Payment City Retains Share of Ownership City of Chicago Designated CCLT Properties Life of Loan Restrictive Covenant Down Payment Plus Year $8, Owner Occupied (Inclusive Fund) West Cook County *80% AMI, Up to $15, *80-120% AMI, Up to $10, *Over 120% AMI, $7, South Suburban Up to $15, West Cook County 5 years IFF/IKE $10, Unit Owner Occupied IFF or IKE Designated Properties US Bank provides Purchase for $35, Purchase up to 80% AMI $25, Purchase up to 120% AMI IHDA Smart Move IHDA Welcome Home Heroes Forgivable Down Payment and Closing Cost, with optional MCC Down Payment for Active Military & Veterans 3% Purchase Price Up to $6, $10, Down Payment 1-2 Units 10 Years Home Possible purchase program for lower income level households Can be combined with, IKE & Other DPA Programs Owner Occupied Up to 100% AMI 4

00 for incomes less than 80% AMI 1-2 Units Owner Occupied First Time (Except Veterans or Targeted ) 10 Years Forgivable Down Payment Up to $ 50,000.

5 IFF/IKE $10, Unit Owner Occupied West Cook County Up to $15, West Cook County South Cook County Asssitance Program 80% AMI, Up to $15, % AMI, Up to $10, Over 120% AMI, $ Park Forest, South Holland, Hazel Crest or Lansing American Dream/Rehab Up to $3, Down Payment Up to $5, Rehab/Repair Credit NO PMI 1-2 Units First Time Home Buyer Only Low to Moderate Census Tract Wells Fargo Home Mortgage provides Purchase for $35, Purchase up to 80% AMI $25, Purchase up to 120% AMI IHDA Smart Move Down Payment Up to $6, IHDA Welcome Home Heroes Down Payment $10, Down Payment 1-2 Units Wintrust Mortgage Corp. Must be First or 10 Years provides Purchase for $35, Purchase up to 80% AMI $25, Purchase up to 120% AMI IHDA Smart Move Down Payment Up to $6, Must be First or 10 Years IHDA Welcome Home Heroes Down Payment $10, Down Payment 1-2 Units VA Mortgage Up to $417, for Single Family Ask about limits for 2-4 Units *Owner Occupied No Income Limits 5

00 Rehab/Repair Credit NO PMI 1-2 Units First Time Home Buyer Only Low to Moderate Census Tract Wells Fargo Home Mortgage provides Purchase for $35,000.00 Purchase up to 80% AMI $25,000.

Illinois Association of Realtors Housing Finance Panel

Illinois Association of Realtors Housing Finance Panel Mary Kenney IHDA Executive Director March 26, 2012 IHDA 101 Created in 1967 by state legislation to finance the creation and preservation of affordable