SmartBuy Program Boosts Homeownership Among Young People

Press release from Sen. Fine's Office:

Dec. 3, 2020

To offer support to working class families and communities of color in Illinois, State Senator Laura Fine (D-Glenview) is drawing attention to the new SmartBuy mortgage and student loan assistance program.

“Young people—and especially young people of color—face disproportionately higher barriers to homeownership, including burdensome student loan debt,” said Senator Fine. “The SmartBuy program can help give prospective homebuyers a boost and begin to bridge the historical disparities in access to housing opportunities.”

The Illinois Housing Development Authority (IHDA) launched the SmartBuy program Dec. 1, 2020. The program offers a safe, affordable 30-year fixed rate first mortgage with $5,000 in assistance to be used toward a down payment and/or closing costs.

In addition, the program will provide 15% of the purchase price, or up to $40,000, in student loan debt relief to borrowers.To qualify for SmartBuy, potential borrowers must have at least $1,000 in student loan debt and must pay off their full remaining student loan balance at closing. The program also requires a FICO mid-score of at least 640, and applicants must meet certain income and purchase price requirements.

SmartBuy was created using appropriations allocated to IHDA in the historic, bipartisan Rebuild Illinois capital plan, and is expected to assist approximately 500 to 1000 borrowers.Learn more about SmartBuy and find a list of SmartBuy approved loan vendors at www.ihdamortgage.org/smartbuy<http://www.ihdamortgage.org/smartbuy>.

This press release was produced by Sen. Fine's Office. The views expressed here are the author's own.