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https://www.illinoisrealtors.org/membership/memberbenefits/mortgage-loan-programs/

 

Here is a list of resources to share with your clients that may include down payment and closing cost assistance.

  • Illinois Housing Development Authority (IHDA) programs include:

  • Opening Doors

  • SmartBuy

  • IHDAccess forgivable, deferred and repayable mortgage programs with down payment assistance

  • FHA Loans

  • Downpayment Plus Programs by the Federal Home Loan Bank of Chicago

  • HomeReady Mortgage by Fannie Mae

  • Home Possible Mortgage by Freddie Mac

  • HomeOne Mortgage by Freddie Mac

  • USDA Single Family Housing Guaranteed Loan Program

  • VA Home Loan Program

  • Finally Home Program to purchase or refinance, by the Illinois State Treasurer’s Office

  • Senior Housing Resources

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https://www.hud.gov/states/illinois/homeownership/buyingprgms

 

HOMEOWNERSHIP ASSISTANCE: ILLINOIS

Need help buying a home? You may qualify for one of these programs.

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Statewide and Regional Programs

 

Programs by City/Town

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https://www.fha.com/fha-grants?state=IL

  • Down Payment Plus Programs

  • HOMEbuyer Program

  • 1stHomeIllinois

  • Community Connections Home Buyer Assistance Program

  • City of Alton's Homeownership Program

  • Joliet Down Payment Assistance Program

  • Kane County First-Time Homebuyer Program

  • Normal Homebuyer’s Down Payment Assistance Program

  • Romeoville Assist Program

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https://www.ihda.org/my-home/getting-an-ihda-loan/

 

IHDA Mortgage Opening Doors

  • a safe, affordable 30-year 1st mortgage with a fixed interest rate and

  • a 0% interest 2nd mortgage for $6,000 in down payment and/or closing cost assistance. This 2nd loan is forgiven after five years.

Borrowers may be:

  • first-time or non first-time homebuyers

  • live in any county statewide

  • DACA Recipients (Dreamers) are eligible!

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IHDAccess Forgivable 

  • 4% of the purchase price up to $6,000 in assistance for down payment & closing costs, forgiven monthly over 10 years – it’s a loan 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

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IHDAccess Deferred

  • 5% of the purchase price up to $7,500 in 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

 

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IHDAccess Repayable

  • 10% of the purchase price up to $10,000 in 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

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