Mortgage Loans

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Take advantage of the following mortgage loan programs for those with less than a 20% down payment:

Home Matters Mortgage Loan

• 3% down payment (may be a combination of gift funds, personal funds, and grant funds)*
• No private mortgage insurance required
• Income limits may not exceed 80% of the area median income
• Non-traditional credit sources considered
• At least one borrower must be a first-time homebuyer
• Fixed interest rate

Home Matters Closing Cost Grant

• Up to $2,000 per qualifying household
• Available to first-time buyers and repeat buyers
• Fully forgivable grant
• Home must be purchased within Heartland Bank’s assessment areas
• Conventional fixed rate mortgage
• Maximum Debt to Income (DTI) ratio of 45 percent
• Income limits may not exceed 80% of the area median income (not applicable if property is located in an underserved area)
• May be used toward closing costs and/or pre-paid expenses
• May be combined with other down payment assistance programs
• Loan programs include FHA, IHDA, USDA, and Freddie Mac HFA Advantage
• Income and purchase price limits apply
• Additional program terms, fees, and restrictions may apply

Freddie Mac Home Possible®

• Conventional fixed-rate mortgage
• 3% down payment (may be gift funds, your own funds, or acceptable secondary financing source)**
• Income limits may not exceed 80% of the area median income (not applicable if property is located in an underserved area)
• Available to first-time buyers and repeat buyers
• Lower mortgage insurance premium

Freddie Mac Borrowsmart℠ Assistance

• Up to $1,500 in down payment/closing cost assistance based on area median income and other eligibility criteria
• Not a loan and no repayment is required
• Available to first-time buyers and repeat buyers
• Only available with certain loan programs
• Additional program terms, fees, and restrictions may apply

Freddie Mac HomeOne℠ Program

• Conventional fixed-rate mortgage
• 3% down payment (may be gift funds, your own funds, or acceptable secondary financing source)***
• No geographic or income limits
• At least one borrower must be a first-time homebuyer

Downpayment Plus (DPP®) Grant

• Up to $6,000 per qualifying household
• Must contribute at least $1,000 from borrower’s own personal funds**
• Income limits apply per county HUD guidelines
• Available to first-time buyers and repeat buyers

FHA (Federal Housing Administration) Program

• 3.5% down payment (may be gift funds, your own funds, or acceptable secondary financing source)^
• No minimum loan amount
• Maximum loan amount for most Illinois counties: $356,362 (higher limits available for some northern counties)
• Available to first-time buyers and repeat buyers

IHDA Access Forgivable (Illinois Housing Development Authority)^^

• 1% (or $1,000, whichever is greater) minimum borrower contribution (gift funds acceptable)^
• 4% of the purchase price ($6,000 maximum) down payment/closing cost assistance
• Grant funds forgiven monthly over 10 years
• 30-year, fixed rate mortgage with affordable interest rate
• Available to first-time buyers and repeat buyers
• Minimum 640 credit score
• Income and purchase price limits apply

IHDA Access Deferred (Illinois Housing Development Authority)^^

• 1% (or $1,000, whichever is greater) minimum borrower contribution (gift funds acceptable)^
• 5% of the purchase price ($7,500 maximum) down payment/closing cost assistance
• Assistance offered as interest-free loan deferred for life of mortgage (repayment required at home sale, refinance, or loan payoff)
• 30-year, fixed rate mortgage with affordable interest rate
• Available to first-time buyers and repeat buyers
• Minimum 640 credit score
• Income and purchase price limits apply

IHDA Access Repayable (Illinois Housing Development Authority)^^

• 1% (or $1,000, whichever is greater) minimum borrower contribution (gift funds acceptable)^
• 10% of the purchase price ($10,000 maximum) down payment/closing cost assistance
• Assistance offered as interest-free loan repaid monthly over 10 years^^^
• 30-year, fixed rate mortgage with affordable interest rate
• Available to first-time buyers and repeat buyers
• Minimum 640 credit score
• Income and purchase price limits apply

Illinois ASSIST Home Ownership Grant

• Fully forgivable grant
• No second mortgage, deed restriction, lien, or retention agreement required
• May be combined with Down Payment Plus grant
• Available to first-time buyers and repeat buyers
• Minimum credit score 640
• Available grant amount is 2%-5% of loan amount
• Loan programs include USDA, FHA, and Freddie Mac HFA Advantage
• Income limits apply and are based on the county of purchase

Rural Development Program

• No down payment required^^^^
• Qualified borrowers may receive a loan equal to 100% of the property’s appraised value, not purchase price, plus the upfront guarantee fee
• Available to first-time buyers and repeat buyers
• Property must be in an eligible rural area
• Additional program terms, fees, and restrictions may apply

The information provided below reflects estimates of the rate and principal & interest payments. Heartland Bank and Trust Company reserves the right to update any and all of the figures listed below. Please contact a Heartland Bank Mortgage Banker to obtain a Loan Estimate, which is provided pursuant to federal law upon the submission of a formal loan application. The payment estimates shown below do not include taxes and insurance, and assume a purchase of a detached single family primary residence in Illinois, 720 FICO, 45-day lock, and 30-year fixed rate term. Rates may change daily.