Down Payment Assistance - Illinois
Down Payment Assistance Options for Illinois
IHDA Mortgage
IHDA Mortgage offers a suite of programs specifically designed to make your homebuying process easier by covering a portion of your down payment and closing costs. Each program has unique perks and requirements that will match your situation.
Requirements:
- FICO minimum score of 640
- Maximum DTI of 50%
- Income limits based on county
- For primary residence only
- Must complete Homebuyer Education Course
- Minimum contribution of $1,000 or 1% of the purchase price
Products under the IHDA Mortgage Program:
Access Home
- For first-time homebuyers only
- Get 6% of the purchase price, up to $15,000
- 30-year deferred mortgage with 0% interest
IHDAccess Forgivable
- Not limited to first-time homebuyers
- Get 4% of the purchase price, up to $10,000
- 10-year forgivable mortgage
IHDAccess Deferred
- Not limited to first-time homebuyers
- Get 5% of the purchase price, up to $7,500
- 30-year deferred mortgage with 0% interest
IHDAccess Repayment
- Not limited to first-time homebuyers
- Get 10% of the purchase price, up to $10,000
- 10-year repayable mortgage with 0% interest