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Illinois Housing Development Authority Homebuyer Programs for 1st-time and repeat homebuyers!
IHDAccess Forgivable
4% of the purchase price & up to $6,000 towards down payment or closing costs.
- No monthly payment, forgivable 2nd mortgage
- Assistance is forgiven after 10 years
- No repayment is required unless home is sold or refinanced before 10 years have passed
IHDAccess Deferred
5% of the purchase price & up to $7,500 towards down payment or closing costs.
- No monthly payment, deferred 2nd mortgage
- Repayment is due when the home is sold or refinanced, or after 30 years (whichever is soonest)
- Can be prepaid at anytime after closing without penalty
IHDAccess Repayable
10% of the purchase price & up to $10,000 towards down payment or closing costs.
- Zero interest, repayable 2nd mortgage
- Repayment is paid monthly at the same time as the 1st mortgage
- The payment is calculated over a 10-year term and is the assistance amount divided by 120 months
Since 1967, IHDA has been working to keep homeownership affordable across Illinois
In connection with the IHDA Down Payment Assistant Programs, IHDa makes no promises, representation, or warranties to any party, including any borrower, about the actual benefit an IHDA loan might provide in specific situations. Each borrower’s situation is different, and potential borrowers should seek the advice of a financial adviser, attorney, or housing counselor before entering into any loan.
Illinois Housing Development Authority Requirements
- Veterans and those buying in a targeted area are exempt from the first-time homebuyer requirement.
- Conventional loans ≥ 95.01% LTV – 1 unit only (for 2 units, max LTV=95%).
- Conventional 2 unit properties – Landlord Education is required in addition to homebuyer education.
- Conventional 2 unit properties – requires 3% borrower’s own funds (verified and included in AUS).
- Effective 8.15.2023 – with AUS approval, DTI can be up to 50%. DTI 45.01% – 50.00% (i) must use Finally Home! Homebuyer Education
- A deed restriction for three years will require the borrower to sell to a household that qualifies under IHDA income and purchase price limits if sold within the first three years.

