Get money in your scholar mortgage once you purchase a house in Illinois

ST. LOUIS – The Illinois Housing Development Authority encourages people to buy houses by paying back their student loans.

The Post-Dispatch reported that this is all part of the Smart Buy program that started in December. The program pays out up to $ 40,000 in student loans or a loan amount equal to 15 percent of the home purchase price, whichever is lower.

A $ 5,000 loan is also provided for a down payment or closing expenses. The money is expected to serve up to 1,000 homebuyers.

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