Getting An IHDA Loan

Ready to get started? In the following video, you will see how easy the IHDA loan process is and how we helped a family achieve their dream of homeownership. After watching the video, scroll through our current mortgage programs to see which one is most attractive to you.

Home Buying Programs

Introducing IHDA Mortgage!

Buying a home can be an exciting and intimidating process. With IHDA MORTGAGE we strive to make the process as streamlined as possible so you can achieve your goal of homeownership! Through our network of trusted partners, you will have someone with you every step of the way to help you purchase your home. And by using an IHDA MORTGAGE product, we will ensure that you can afford the home you buy. Our programs offer safe, fixed interest loans at affordable rates. Qualified homebuyers can receive down payment and closing cost assistance.

We are now proud to introduce our Access Mortgage program! Whether you’re a first-time or repeat homebuyer, the Access Mortgage program has a down payment option to meet your 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. Homeownership may be closer than you think – take the first step and find the option that’s right for you! Learn more about our new Access Mortgage program now!

 

hda000_MortgageLogoForgivable

  • 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

Eligibility:

  • Household income and purchase price limits apply
  • Minimum credit score of 640 is required
  • Both new construction and existing homes are eligible

Apply Now! Contact an IHDA Lender.

The Access Forgivable mortgage is a safe, 30-year, fixed rate mortgage. That means your interest rate will never change. Are you concerned about saving for the down payment? Access Forgivable offers up to a maximum of $6,000 in cash assistance for down payment and closing costs. Your contribution is limited to $1,000 or 1 percent of the purchase price, whichever is greater. So for as little as $1,000 out of pocket, you can get into your new home.

Offers:

  • 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 a competitive interest rate
  • Choice of FHA, VA, USDA or FNMA HFA Preferred loan type

Requirements:

  • 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
  • Meet the income and purchase price limits
  • Meet the credit requirements
  • Live in the home as primary residence
  • Complete homeownership counseling prior to close (online and in-person options available)
  • New construction is allowed

Apply Now! Contact an IHDA Lender.

 

  • 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

Eligibility:

  • Household income and purchase price limits apply
  • Minimum credit score of 640 is required
  • Both new construction and existing homes are eligible

Apply Now! Contact an IHDA Lender.

The Access Deferred mortgage is a safe, 30-year, fixed rate mortgage. That means your interest rate will never change. Are you concerned about saving for the down payment? Access Deferred offers a maximum of up to $7,500 in cash assistance for down payment and closing costs. Your contribution is limited to $1,000 or 1 percent of the purchase price, whichever is greater. So for as little as $1,000 out of pocket, you can get into your new home.

Offers:

  • 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 a competitive interest rate
  • Choice of FHA, VA, USDA or FNMA HFA Preferred loan type

Requirements:

  • 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
  • Meet the income and purchase price limits
  • Meet the credit requirements
  • Live in the home as primary residence
  • Complete homeownership counseling prior to close (online and in-person options available)
  • New construction is allowed

Apply Now! Contact an IHDA Lender.

 

  • 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

Eligibility:

  • Household income and purchase price limits apply
  • Minimum credit score of 640 is required
  • Both new construction and existing homes are eligible

Apply Now! Contact an IHDA Lender.

The Access Repayable mortgage is a safe, 30-year, fixed rate mortgage. That means your interest rate will never change. Are you concerned about saving for the down payment? Access Repayable offers a maximum of up to $10,000 in cash assistance for down payment and closing costs. Your contribution is limited to $1,000 or 1 percent of the purchase price, whichever is greater. So for as little as $1,000 out of pocket, you can get into your new home.

Offers:

  • 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 a competitive interest rate
  • Choice of FHA, VA, USDA or FNMA HFA Preferred loan type

Requirements:

  • 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
  • Meet the income and purchase price limits
  • Meet the credit requirements
  • Live in the home as primary residence
  • Complete homeownership counseling prior to close (online and in-person options available)
  • New construction is allowed

Apply Now! Contact an IHDA Lender.

 

If you are interested in buying a home in Boone, Cook, DeKalb, Fulton, Kane, Marion, McHenry, St. Clair, Will or Winnebago counties, 1stHomeIllinois is the product for you.  It combines a 30-year fixed rate mortgage with a $7,500 down payment assistance grant. 1stHomeIllinois is tailored for first-time homebuyers, veterans, or anyone who hasn’t owned a home in the last three years.

Apply Now! Contact an IHDA Lender.

The 1stHomeIllinois mortgage is a safe, 30-year, fixed rate mortgage. That means your interest rate will never change. Are you concerned about saving for the down payment? 1stHomeIllinois offers a $7,500 down payment assistance grant. Your contribution is limited to $1,000 or 1 percent of the purchase price, whichever is greater. So for as little as $1,000 out of pocket, you can get into your new home.

Offers:

  • $7,500 cash grant for down payment and closing costs
  • 30-year, fixed rate mortgage with a competitive interest rate
  • Choice of FHA, VA, USDA or FNMA HFA Preferred loan type

Requirements:

  • Purchase a one or two unit property in Boone, Cook, DeKalb, Fulton, Kane, Marion, McHenry, St. Clair, Will or Winnebago counties
  • First-time homebuyer, veteran or anyone who has not owned a home in the last three years
  • Contribute $1,000 or 1 percent of the purchase price, whichever is greater
  • Meet the income and purchase price limits
  • Meet the credit requirements
  • Live in the home as primary residence
  • Complete homeownership counseling prior to close (online and in-person options available)
  • Property must be an existing residential dwelling (no new construction)

Apply Now! Contact an IHDA Lender.

 


 

Finding A Lender

Now that you are familiar with IHDA’s programs, reach out to an IHDA-approved lender to discuss your unique circumstances, walk you through the process and help you apply.

Click here to find a lender and apply now 

Pre-Purchase Homeownership Counseling

If you’re not quite ready to find a lender, you may want to talk with a housing counselor. Housing counselors can help assess if you are ready to purchase a home and can educate you on the responsibilities of owning a home.  You can use the tool below to find a counselor near you.

Homebuyer Education Events

Approved housing counselors provide homebuyer education courses to help you understand the complexities of buying a home, and prepare you for the responsibilities of homeownership. Attend a Homebuyer Education Event or use the tool below to find a counselor near you.

Finding A Counselor

“Find a counselor” near you today by entering a ZIP Code, city, or property address in the map application below and begin to get the help you need. If your search provides a “No results found” message, there may not be an agency in your immediate area. In this instance, please contact our statewide agency partner as listed after the search.

Listed below are 10 counselors found within the area of