CF Funding Offers IHDA Grant for First Time Homebuyers, Military Personnel

CF funding shares exciting news for first-time homebuyers and military personnel this week, as the lender is approved to provide down payment assistance through the Illinois Housing Development Authority’s Welcome Home Illinois Program. Qualified homebuyers, which may include first-time homebuyers, active military personnel, veterans, and those who have not owned a home in the past 3 years, could qualify for $7,500 or more in grants to help cover down payment costs as well as additional funds for renovation. The program also offers below-market interest rates and a variety of loan options including FHA, conventional loans, and USDA loans.

In order to qualify for this limited-time program, homebuyers must purchase a one or two-unit property within Illinois, and live in this property as a primary residence. The homebuyer must contribute one percent or $1,000 of the purchase price, whichever is greater.

CF Funding is excited to start providing the grants to homebuyers, as IHDA’s programs not only provide down payment assistance, but can also allow federal tax credits that can reduce income tax liability by up to $18,000 over the life of the loan. Tax credits may apply to the Smart Move Trio program (for first-time homebuyers), or Welcome Home Heroes program (for veterans and active military personnel).

Another program that CF Funding now offers through IHDA is Illinois Building Blocks, which “helps strengthen communities with programs that turn vacant homes into valuable homeownership opportunities.” Eligible communities in this program include Belleville, Berwyn, Blue Island, Champaign, Chicago Heights, Cicero, Crest Hill, Joliet, Lockport, Lynwood, Maywood, Melrose Park, Park Forest, Peoria, and South Holland. According to ihda.org, up to 75 homes will be available through the end of 2014. These rehabilitated homes are “professionally renovated and move-in ready. Improvements vary in each house but may include HVAC, electrical, roof, updates to bathrooms and kitchen… etc).This program is also available to non-first-time homebuyers! Down payment assistance is slightly higher in this program with up to $10,000 cash for qualified buyers.

A refinance program called Smart Move Plus is also now available through CF Funding, which allows a 30-year fixed rate mortgage with competitive interest rates, and a variety of loan options to choose from including FHA, Conventional, VA, and USDA.

To apply for an IHDA loan, homebuyers should visit the lender online at www.cffunding.com or call 888-344-4080 today.