WPBN: “SmartBuy” has returned. The popular program is being brought back as part of an attempt that is being undertaken by the Democratic governor of Illinois, JB Pritzker, to broaden access to affordable housing throughout the state.
In a news conference held on December 11 to announce the effort, Pritzker stated that “the program provides affordable fixed-rate mortgages, assistance with closing costs, and up to $40,000 per household in student loan relief to borrowers who buy a home here in Illinois.”
At the time of the initial launch of SmartBuy in the year 2020, he stated that 631 individuals and families have purchased new homes utilizing SmartBuy. More than seventeen million dollars’ worth of delinquent student loans were reduced by the state.
Additionally, individuals who participate in the program will be eligible to receive a deferred down payment of $5,000 and/or assistance with closing costs.
“It’s a very safe affordable program administered by the State of Illinois, and we, as the lender, help you achieve that program,” Wintrust Mortgage Senior Mortgage Consultant Jason Accola stated.
“Student loan payments are really one thing that eats up a lot of people’s qualifying in order to buy a home. The great thing about this program is that it allows us to basically eliminate that monthly debt, so now you qualify without having that burden of student loan payments,” Accola said.
All first-time and repeat homebuyers are eligible to participate in the program. The applicant must have a student loan balance of at least $1,000 and no more than $40,000 in order to be considered eligible.
Full repayment of the participants’ college loans will be provided by the state. Repayment in part is not an option at this time.
“Student loan payments are really one thing that eats up a lot of people’s qualifying in order to buy a home. The great thing about this program is that it allows us to basically eliminate that monthly debt, so now you qualify without having that burden of student loan payments,” Accola stated.
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He stated that in order for participants to gain access to the program, they are required to collaborate with a mortgage lender that has been approved by the Illinois Housing Development Authority (IDHA).
They are going to collaborate with the IDHA and handle the documentation that is required behind the scenes in order to get people approved. A statement made by Accola stated that the initiative provides an opportunity to convert school debt into payments for housing.
“It’s basically a two-for-one. People can get out of student loan debt and they can buy their new dream home,” he stated.
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Pritzker signed an executive order that established a new post inside his administration, which was the Illinois Director of Housing Solutions. This was in addition to the relaunch of SmartBuy.
This individual will collaborate with state agencies to develop and implement new solutions with the goal of increasing the number of homes and rental options that are within the reasonable price range of the middle class throughout the state.
