ST. LOUIS – The Illinois Housing Development Authority is encouraging people to buy homes by paying off their student loans.
The Post-Dispatch reported it’s all part of the Smart Buy program which launched in December. The program will pay off up to $40,000 dollars in student loans or a loan amount equal to 15 percent of the home purchase price, whichever is lower.
It will also provide a $5,000 loan toward a down payment or closing costs. The money is expected to serve up to 1,000 homebuyers.