IHDA and other down payment assistance programs

[Cristina Gonzalez]

Hi guys!

Has anyone here had experience with down payment assistance programs or more specifically, IHDA (Illinois Housing Department Authority)loans?

Most of the lenders in my network have not done any of these programs and I was wondering how it could work for a first time homebuyer planning on purchasing a 2 unit? (Living in one unit, renting out the other)

Of course, with these programs come income limits as well as purchase price limits. I read that in Cook County, you could qualify if you make less than $80,000 (as a single individual) and get up to about $400,000 loan amount.

I'm also wondering how this could affect someone's ability to get traditional financing for other investment properties in the future.

Thoughts?