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Dear Friends,
New SmartBuy mortage program offers relief on student loan debt
Prospective homebuyers with student loan debt should check out the state's new SmartBuy mortage assistance program, which offers $5,000 toward down payments or closing costs and 15 percent of a home's purchase price -- or up to $40,000 -- in student loan debt relief.
The Illinois Housing Development Authority (IHDA) launched the SmartBuy program Dec. 1. Potential borrowers must have at least $1,000 in student loan debt and must pay off their full remaining student loan balance when closing on the 30-year, fixed-rate mortgages. 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; the program is expected to assist approximately 500 to 1,000 borrowers. Learn more and find a list of SmartBuy-approved lenders here.
COVID-19 joint review panel's meetings now being livestreamed
State lawmakers formed the bipartisan, dual-chamber Restore Illinois Collaborative Commission to examine and discuss COVID-19 relief programs administered by the Department of Commerce and Economic Opportunity. The commission is both a vehicle for the governor to inform the General Assembly of his actions and for lawmakers to ask questions about and provide feedback on various aspects of the state's COVID recovery plan. The commission has been meeting since July, and now the public can livestream its meetings here.
Last week, Assistant DCEO Director Michael Negron gave an overview of the Business Interruption Grant (BIG) and Local Coronavirus Urgent Remediation Emergency (CURE) programs, which provide pandemic relief aid to small businesses and local governments, respectively. He reported nearly $141 million has been distributed to more than 5,500 Illinois small businesses through BIG. Additionally, more than $92 million in CURE funding has been awarded to reimburse local governments for pandemic-related costs, with another $43.4 million currently under review.
During past meetings, the commission has heard from representatives of the Illinois Housing Development Authority, Illinois Department of Public Health, Illinois Department of Employment Security and Illinois State Board of Education. School superintendents from across the state have testified before the commission to request changes to or clarifications on the state’s COVID-19 recovery plan. Commission chairs then bring these concerns to the governor’s office to advance as many perspectives as possible in the decision-making process.
- UPDATED WITH NEW VIDEO LINK -
Affordable Care Act deadline is Dec. 15
Everyone deserves quality, affordable health insurance they can trust, especially during a global pandemic. Illinoisans have until Dec. 15 to shop the ACA Marketplace for a plan that fits their budget and their coverage needs. Click here to watch a video with Get Covered Illinois for more information on how to navigate the marketplace and find out what plan works best for you!
Sincerely,
Steve Stadelman | District 34
In case you missed me on Facebook ...
State Senator Steve Stadelman
2h ·
There will be a free COVID-19 testing site open this Saturday, December 12, from 8 a.m. to 4 p.m. See further information below.
New SmartBuy mortage program offers relief on student loan debt
Prospective homebuyers with student loan debt should check out the state's new SmartBuy mortage assistance program, which offers $5,000 toward down payments or closing costs and 15 percent of a home's purchase price -- or up to $40,000 -- in student loan debt relief.
The Illinois Housing Development Authority (IHDA) launched the SmartBuy program Dec. 1. Potential borrowers must have at least $1,000 in student loan debt and must pay off their full remaining student loan balance when closing on the 30-year, fixed-rate mortgages. 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; the program is expected to assist approximately 500 to 1,000 borrowers. Learn more and find a list of SmartBuy-approved lenders here.
New SmartBuy mortage program offers relief on student loan debt
Prospective homebuyers with student loan debt should check out the state's new SmartBuy mortage assistance program, which offers $5,000 toward down payments or closing costs and 15 percent of a home's purchase price -- or up to $40,000 -- in student loan debt relief.
The Illinois Housing Development Authority (IHDA) launched the SmartBuy program Dec. 1. Potential borrowers must have at least $1,000 in student loan debt and must pay off their full remaining student loan balance when closing on the 30-year, fixed-rate mortgages. 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; the program is expected to assist approximately 500 to 1,000 borrowers. Learn more and find a list of SmartBuy-approved lenders here.
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