SmartBuy Highlights

Mutual of Omaha Mortgage is proud to be an approved lender of the IHDA SmartBuy program in Illinois. SmartBuy works in two ways:

• Down Payment Assistance: SmartBuy provides $5,000 that can be applied to your down payment and/or closing costs.
• Student Loan Relief: SmartBuy can pay off your student loans! The assistance is 15% of the purchase price (up to $40,000).

SmartBuy Requirements

• Borrowers must have at least $1,000 in student loan debt
• The debt must be in the borrower’s name for the borrower’s student loans
• First-Time and Non First-Time Homebuyers are allowed
• Must have the debt from an eligible educational institution is an accredited public, nonprofit, or proprietary (privately owned profit-making) college, university, vocational school, or other postsecondary educational institution
• Pay off at least one borrower’s full remaining student loan balance at loan close – no partial payoff of any borrower’s loans is permitted.
• All Illinois counties are eligible
• Contribute $1,000 or 1 percent of the purchase price, whichever is greater
• Meet the income and purchase price limits
• Minimum credit score – 640 for all loan types
• Live in the home as primary residence
• Complete homeownership education prior to close (online and in-person options available)
• New construction is allowed
• DACA Recipients (Dreamers) are eligible!
• FNMA loan types only