Does your borrower meet the general criteria for a home loan but lacks the down payment? Because this happens far too often IHDA has created loan programs that provide down payment and closing cost assistance for borrowers who would otherwise qualify for a mortgage.

As long as your borrowers meet the income and purchase limits, have a good credit score, and can make the monthly payments, there’s a good chance we have a program that can help. Specific requirements for each program are included below.

 

We are now proud to introduce our Access Mortgage products! Whether your customer is a first-time or repeat homebuyer, the Access Mortgage program has a down payment option to meet their needs. Available statewide, each mortgage option comes with an affordable, fixed interest rate and up to $10,000 to assist eligible borrowers with their down payment and closing costs for the purchase of a new or existing home.

 

Access Forgivable Highlights

• 4% of the purchase price up to $6,000 cash assistance for down payment & closing costs, forgiven monthly over 10 years – it’s a gift that does not have to be repaid
• 30-year, fixed rate mortgage with an affordable interest rate
• Available for all mortgage types, including FHA, VA, USDA and FNMA HFA Preferred
• Available to first-time and repeat homebuyers statewide

Access Forgivable Requirements

• Meet the household income and purchase price limits
• Minimum credit score of 640 is required
• Both new construction and existing homes are eligible
• First-Time and Non First-Time Homebuyers are allowed
• All Illinois counties are eligible
• Contribute $1,000 or 1 percent of the purchase price, whichever is greater
• Live in the home as primary residence
• Complete homeownership counseling prior to close (online and in-person options available)

 

Access Deferred Highlights

• 5% of the purchase price up to $7,500 cash assistance for down payment & closing costs offered as an interest-free loan, deferred for the life of your mortgage – you don’t need to repay until you sell your house, refinance, or pay off your mortgage
• 30-year, fixed rate mortgage with an affordable interest rate
• Available for all mortgage types, including FHA, VA, USDA and FNMA HFA Preferred
• Available to first-time and repeat homebuyers statewide

Access Deferred Requirements

• Meet the household income and purchase price limits
• Minimum credit score of 640 is required
• Both new construction and existing homes are eligible
• First-Time and Non First-Time Homebuyers are allowed
• All Illinois counties are eligible
• Contribute $1,000 or 1 percent of the purchase price, whichever is greater
• Live in the home as primary residence
• Complete homeownership counseling prior to close (online and in-person options available)

 

Access Repayable Highlights

• 10% of the purchase price up to $10,000 cash assistance for down payment & closing costs offered as an interest-free loan – repaid monthly over a 10 year period
• 30-year, fixed rate mortgage with an affordable interest rate
• Available for all mortgage types, including FHA, VA, USDA and FNMA HFA Preferred
• Available to first-time and repeat homebuyers statewide

Access Repayable Requirements

• Meet the household income and purchase price limits
• Minimum credit score of 640 is required
• Both new construction and existing homes are eligible
• First-Time and Non First-Time Homebuyers are allowed
• All Illinois counties are eligible
• Contribute $1,000 or 1 percent of the purchase price, whichever is greater
• Live in the home as primary residence
• Complete homeownership counseling prior to close (online and in-person options available)

 

1^STHomeIllinois Highlights

1^STHomeIllinois  offers:

• $7,500 cash assistance for down payment and closing costs
• a secure, 30-year fixed-rate mortgage with a competitive interest rate
• choice of FHA, VA, USDA or Conventional loan type

1^STHomeIllinois is tailored for anyone who:

• hasn’t owned a home in the last three years including first-time homebuyers, and all Veterans
• is purchasing in the following counties: Boone, Cook, DeKalb, Fulton, Kane, Marion, McHenry, St. Clair, Will and Winnebago

1^STHomeIllinois Requirements

• Buyer must not have owned a home in the last three years or be a first-time buyer or a Veteran (unless the buyer is purchasing in a targeted area)
• Purchase a one or two unit property within Boone, Cook, DeKalb, Fulton, Kane, Marion, McHenry, St. Clair, Will or Winnebago counties
• Contribute $1,000 or 1 percent of the purchase price, whichever is greater
• Meet the income and purchase limits
• Meet the credit requirements
• Live in the home as your primary residence
• Complete homeownership counseling (online and in-person options available)
• Property must be an existing residential dwelling (new construction excluded)

See FAQs for more details.

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I-Refi Highlights

The new I-Refi program offers up to $50,000 in federal assistance through the Hardest Hit Fund (HHF) to buy down a mortgage and refinance into an affordable loan.  I-Refi is designed to help homeowners who have been current on their mortgage payments for at least 12 months and must also qualify for the new loan under IHDA’s income and credit requirements.  Before the loan is approved, homeowners must order a professional appraisal to assess the value of the home.  If a homeowner previously received HHF assistance, they are still eligible to apply for the I-Refi program.

I-Refi Requirements

• Current on your mortgage for at least 12 months
• Credit qualify for a new IHDA mortgage through a participating lender
• Be within IHDA’s income and home price limits 
• Credit score must be at or above 640 regardless of loan type
• Pre-assistance combined loan-to-value must be greater than 110%
• Post-assistance loan-to-value will be 90-97%

View Marketing Materials

Program guides, manuals and other resources are available in the Homeownership Resource Center  If you are interested in partnering with IHDA to expand your business, visit Becoming an IHDA Lender.