Finance
In Illinois, the Illinois Housing Development Authority (IHDA) primarily serves:
ACommercial real estate developers seeking construction financing
BFirst-time and low-to-moderate income homebuyers seeking affordable mortgage programs and down payment assistance✓ Correct
CLarge institutional investors in the Chicago commercial market
DForeign nationals seeking investment visas through real estate purchases
Explanation
The Illinois Housing Development Authority (IHDA) is a state agency that finances the creation and preservation of affordable housing across Illinois. IHDA offers mortgage programs, down payment assistance, and closing cost assistance to first-time homebuyers and low-to-moderate income buyers. Programs include Access Forgivable, Access Deferred, and IHDAccess Repayable. Illinois licensees should be familiar with IHDA programs to better serve buyers.
Related Illinois Finance Questions
- FHA loans differ from conventional loans primarily because FHA loans:
- What is an 'adjustable-rate mortgage' (ARM) and how does the initial rate period affect Illinois buyers?
- A property in Illinois has an assessed value of $180,000 and an equalization factor of 2.8. What is the equalized assessed value?
- A 'jumbo' mortgage loan is one that:
- A borrower receives a loan at a 7% annual interest rate. The interest charge for the first month on a $200,000 loan balance is:
- Under the Dodd-Frank Act, a Qualified Mortgage (QM) generally prohibits a borrower's debt-to-income ratio from exceeding:
- Which of the following mortgage provisions allows the lender to demand full repayment of the loan if the property is sold or transferred without the lender's approval?
- Regulation Z under TILA applies to consumer credit transactions and specifically requires:
Practice More Illinois Real Estate Questions
1,500+ questions covering all exam topics. Start free — no signup required.
Take the Free Illinois Quiz →