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Illinois Housing Incentive Program

$15,000

Housing & Homeownership
Illinois Housing Incentive Program

Illinois Housing Incentive Program

When you decide to buy a home, it can be an exciting but scary decision. With IHDA, you are not alone. Through our network of trusted partners, you will have someone with you every step of the way. By using an IHDA Mortgage product, we will ensure that you can afford the home you buy.

Our mortgage products are ideal for borrowers who need extra flexibility or who have limited funds for down payment and/or closing costs, yet have the financial means to maintain monthly mortgage payments. Learn more about getting an IHDA loan.

IHDA Access Home Mortgage

  • 6% of the purchase price up to $15,000 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, FNMA HFA Preferred, and FHLMC HFA Advantage
  • Homebuyers and their spouses must be first-time homebuyers or exempt
  • Exempt means an eligible veteran (evidenced with COE/DD214), or buying a property in a targeted area

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

IHDA Access Forgivable Mortgage

  • 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, FNMA HFA Preferred and FHLMC HFA Advantage
  • 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:

IHDA Access Deferred Mortgage

  • 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, FNMA HFA Preferred and FHLMC HFA Advantage
  • 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:

IHDA Access Repayable Mortgage

  • 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, FNMA HFA Preferred and FHLMC HFA Advantage
  • 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:

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