Illinois SmartBuy Program Checklist
A step-by-step checklist for consumers applying for the Illinois SmartBuy Program in 2025.
Confirm Your Eligibility
- Ensure your household income falls within the program’s limits, which vary based on county and family size.
- Verify that your credit score meets the program’s minimum requirement, typically 640 or higher. Additional details may be provided by your assigned Loan Officer.
- Confirm that the property you intend to purchase is within the program’s price limits and will serve as your primary residence.
- Check if you have an eligible student loan balance that can be partially or fully paid off through the program.
Prepare Necessary Documentation
- Collect proof of income, including recent pay stubs, W-2 forms, or other documentation verifying your earnings.
- Gather your tax returns for the past two years, including all schedules and attachments.
- Obtain recent bank statements covering the last two to three months for all financial accounts.
- Prepare property details, including the address, purchase agreement, and sale price.
- Compile your student loan statements showing the current balance, lender details, and account information.
- Include any additional documents requested by your Loan Officer, such as verification of debts, liabilities, or proof of assets.
Work with Your Assigned Loan Officer
- Your assigned Loan Officer will guide you through the Illinois SmartBuy Program application process.
- Schedule a meeting or phone call with your Loan Officer to confirm eligibility, discuss program benefits, and review the steps needed to complete your application.
- Ask questions about the program’s features, including how the student loan repayment assistance will be applied.
- Follow your Loan Officer’s instructions to gather and submit all required materials accurately and on time.
Complete Your Application
- Collaborate with your Loan Officer to accurately complete your application for the SmartBuy Program.
- Submit all required documents to verify your eligibility for the program’s mortgage and student loan assistance benefits.
- Review your application thoroughly with your Loan Officer to ensure it is complete and free of errors before submission.
- If necessary, attend a homebuyer education course to fulfill program requirements.
Finalize Your Enrollment
- Sign all necessary documents provided by your Loan Officer to finalize your participation in the program.
- Prepare for any additional costs not covered by the program benefits, such as closing fees or prepaid expenses.
- Receive confirmation of your enrollment, including details on how the student loan assistance will be applied to your outstanding balance.
Maintain Compliance with Program Terms
- Ensure the purchased property remains your primary residence for the duration specified by the program guidelines.
- Notify your Loan Officer immediately if you plan to sell, refinance, or make changes to your mortgage, as these actions could impact your program benefits.
- Stay informed about program updates or requirements to maintain compliance and retain both mortgage and student loan assistance benefits.