October 2, 2022

College

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IHDA SmartBuy Program Illinois Offers $40K in Student Loan Forgiveness

8 min read

Looking to buy a home but got student loans? Check out ?this video.
The state of Illinois is offering people up to $40 thousand in student loan forgiveness (both federal and private) if you buy a home in Illinois.

You can check out the SmartBuy Program for more information: https://www.ihdamortgage.org/smartbuy

In the video below, I speak with Chanon Slaughter, VP orf Mortgage Lending at Guaranteed Rate.

Chanon goes over all the program requirements, ways to get approved, credit scores, etc.

This program is ideal for people with credit scores greater than 680 and who owe $40 thousand or less in student loan debt.

If you owe more than $40 thousand, you can still qualify, but you’ll need to pay the difference between $40 thousand and what you owe in student loan debt to closing. For example, if you owe $50 thousand in student loan debt, you’ll need to bring at least $10 thousand to closing. (I say at least, because how much you get in forgiveness depends on the price of your home.)

If you have questions about the program, you can reach Chanon at chanon.slaughte@rate.com.

And if you need student loan help, you can schedule a free 10-min call with me at https://www.tateesq.com/free-talk

Source: #1 Student Loan Lawyer | Tate Law

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