For years, Chris Brady thought it was time to move out and purchase a home of his own, but he wasn’t sure he could make it happen financially. But with the help of his loan officer at Oak Leaf Community Mortgage and IHDA’s Access Mortgage Program, he found the down payment boost he needed to begin a new chapter as a first-time homebuyer. Chris received $10,000 in down payment assistance and an IHDA mortgage that not only made homeownership a reality, but also ensured he had the financial and educational tools he needed to be successful in his new home.
In FY18, more than 5,500 homebuyers accessed $743 million in loans and down payment assistance through our network of 165 partner lenders.
First-time buyers still face an uphill climb as they work to achieve the dream of homeownership. As rents and home prices continue to rise and student loans make it difficult to save, potential homebuyers consistently point to an inability to afford the down payment as their primary obstacle to homeownership.
IHDA addressed this issue in FY2018 with the launch of the Access Mortgage program, a new and streamlined mortgage product that offers three down payment assistance options to allow buyers to select the solution best for their situation. The program is open to all borrowers – first-time and repeat buyers throughout the state – and we opened restrictions to allow the purchase of newly constructed homes.