Illinois Assist

City of Aurora, Illinois – Assist Homeownership Program
Note – for details, see the Administrator’s Guidelines under GUIDE & FORMS

 

Illinois Assist

  

 

Lender/Program Portal

 

PROGRAM FUNDS
  • Continuous Funding
RESERVATIONS
  • Reservation/Locks – AVAILABLE* from 9:00am-8:00pm Central (10-9 EDT)
    • * Market Business days (excluding weekends & holidays)
    • Other system functions are available 24/7
LOAN TIME LINE REQUIREMENTS
  • DO NOT RESERVE EARLY: Must UW Certify loan 30 days after Reservation.
  • Reservation to UW Cert: 30 calendar days (Lock expires on the 30th day)
  • Reservation to Loan Purchase: 70 calendar days (Must request extension before the 70th day, otherwise cancelled)
EXTENSION
  • To request a one-time 30-day extension, click here.
  • Extensions are not granted to extend the 15 days from Reservation to UW Certification
ELIGIBLE AREAS
ELIGIBILITY CRITERIA
  • Borrowers and anyone secondarily liable on the Note must be first-time buyers.
    • Prior home ownership will be determined using the 1003.  
  • Borrowers and their spouses must be able to permanently reside in the US.

Effective 1/2 – The Program will NOT require Borrowers to be first time buyers.  Please make sure you are following Agency (FHA, VA, Freddie Mac) guideliens.  Tax returns will no longer be required.

ELIGIBLE LOAN TYPES
  • Government
    • FHA, VA, USDA-RHS
  • Conventional
    • Freddie Mac HFA Advantage
AVAILABLE DOWN PAYMENT ASSISTANCE
  • non-repayable grant
  • Various levels of assistance – see the Rates/Offerings Tab
INCOME LIMIT CRITERIA
  • Household Income = Include income of borrower(s) and those secondarily liable on the loan (not cosignors).
    Program income is not averaged. It is annualized. That’s different from income used for credit qualify.

Effective 1/2 – Household Income is defined as the Borrower(s) income used on the 1003 Application.  Please make sure when you are reserving that you are using the credit income ( monthly x 12)

  • Borrower(s) income = Household income = 1003 Credit Qualifying Income (not co-signor’s)
    • Limits are based on HH Size and County
    • see guidelines
HOME ACQUISITION LIMITS
  • Based on Target/Non-Target Areas, and County
    • 1-4 units on Government loans
    • 1 unit on Freddie Mac loans
    • see guidelines
HOME BUYER EDUCATION
  • Required
FICO SCORE REQUIREMENT
  • Mid score – see guidelines
  • Debt-to income ratios – Max 45%
CO-SIGNERS
  • Follow applicable Agency
    • (FHA, VA, USDA:RD, Freddie Mac HFA Advantage).
  • As far as the program, they cannot have an ownership interest (cannot be on the Mortgage/Deed/Warranty Deed).
LENDER PARTICIPATION
  • Approval by Agency and Master Servicer
FORMS AND DOCUMENTATION
  • Available online, under FORMS
MASTER SERVICER
  • Provides information and training concerning the mortgage loan file, acceptable loan products, delivery and funding, reviews/purchases the mortgage file
  • Servicer Lender Guides, Click here  Contact US Bank Lender Help Desk, Click here.

 

 Current Rate/Offerings – Reservation/locks – AVAILABLE from 9:00am-9:00pm Central (10-9 EDT excluding weekends & holidays)  

Rate/Offerings FICO Lock Rate DPA Effective Date
 GOVERNMENT     
FHA, USDA-RD or VA 660 4.25% w/3% 2/24
FHA w/Manual UW 660 w/2%
FHA, USDA-RD or VA  640-659 w/2%
FHA w/Manual UW 640-659 w/1%
  
FHA, USDA-RD or VA 660 5.00% w/5% 2/9
FHA w/Manual UW 660 w/4%
FHA, USDA-RD or VA  640-659 w/4%
FHA w/Manual UW    640-659 w/3%
 
 CONVENTIONAL – FREDDIE MAC
HFA Advantage   640 4.875% w/3% 2/22
HFA Advantage   5.25% w/5% 2/24

 

  • All Loans are Assisted Rate Loans
  • non-repayable grant
  • Assistance is based on the Final Loan Amount

 

eHousingPlus is the Program Administrator, and provides some of the following services:
        Administrator Guidelines (1/2)     Administrator's Guidelines

  • Provides the web-based program loan reservation and management system, Administrator’s Guidelines, Program forms, Lender Program and System Training, Notices and updates to Lenders, Compliance Support to Lenders, Reviews Compliance Files, Timelines, Works with the Agency and Master Servicer on Program Goals.
  • Need help, Click here

Program Sample Forms form         

The Following Lenders have been approved to originate loans in this Program:

  • 1st Advantage Mortgage LLC
  • Allied First Bank
  • Alpine Bank & Trust Co
  • American Chartered Bank
  • Blackhawk Bank
  • Bridgeview Bank Mortgage
  • Busey Bank
  • Caliber Home Loans
  • Compass Mortgage, Inc
  • Evolve Bank & Trust
  • First Centennial Mortgage
  • First Midwest
  • First State Bank of Illinois
  • Heartland Bank and Trust Company
  • Herget Bank, N.A.
  • Inland Home Mortgage
  • LoanDepot.com, LLC dba iMortgage
  • Mortgage Services III  (MSI)
  • Town and Country Bank
  • Standard Bank and Trust
  • Wells Fargo Home Loans

 

Interested in becoming a participating lender? Contact us.

Program Updates
  • 1/30- effective 1/2, the program will no longer require borrowers to be first time homebuyers.
  • 5/24-revised home buyer education providers
  • 12/1- MANUFACTURED HOMES are eliminated
  • 9/2-Freddie Mac HFA Advantage loan product is available
  • 9/2-MCM products are discontinued
  • 8/1-Updated income & purchase price limits
  • 3/2 – Fannie MCM product offered.
  • 6/9 – Updated guidelines – servicer fee
  • 5/22-revised Income Limits effective on loans closing on/after June 24
  • 2/5/2014-Daily Rate Locks
  • 8/29 – Updated Income Limits
  • 7/16 – Training Today

Loan Processing, Delivery and Purchase Timetable:

Once a loan is reserved in the eHousingPlus system and is provided the Servicer’s Loan number, the loan must be:

(1) underwriter certified within 30 days of loan reservation
(3) purchased within 70 days of loan reservation.

Any loan not purchased within 70 days is ineligible for purchase unless the lender chooses a one-time only 30-day extension. Again, the extension is offered once per loan and no further extensions will be allowed. Furthermore, regardless of choosing an extension, any loan not purchased within the approved timeframe will become the liability of the originating lender, including any down payment assistance provided at closing.

Options/Offerings DPA Lock Rate Effective Date
Government Loans (FHA, VA, USDA) w/3% 4.250% 11/04
w/5%  NEW! 5.000% 11/25
Freddie Mac HFA Advantage NEW! w/3% 4.875% 12/23
w/5% 5.25% 11/23

EhousingPlus University

  1. eHP Lender Program Training
    • Required for everyone participating in the program
    • offered 24/7
    • Click here to attend Program training
  2. eHP System Training*
    • After you complete the online Lender Program Training, information is provided as to what happens next.
    • Click here to register for system training

 

Should you have any questions on training, please contact jennifer@ehousing.cc

To read more about eHP Program Training, click here.

* System Training is required at least once, so that users gain the knowledge necessary to originate and manage their loans on-line. eHP University provides additional opportunities to re-train and/or refresh your system knowledge. Recurring (experienced) system users do not need to attend system training.