Lending Programs
THIS INFORMATION IS NOW AVAILABLE ON
IHDAMortgage.org
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.
Across Illinois nearly 10% of all first-time homebuyers utilize IHDA MORTGAGE products to help with the additional leverage needed to bridge the gap of homeownership. In an effort to continue to grow on the state’s success in serving historically underrepresented communities, we want to announce the Opening Doors and SmartBuy programs which provide further opportunity to increase generational wealth and build homeownership accessibility.
Access Forgivable Highlights
- 4% of the purchase price up to $6,000 in 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, FNMA HFA Preferred and FHLMC HFA Advantage
- 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 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
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 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
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)
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