IHDA Mortgage & Down Payment Assistance Programs

Open

Illinois Housing Development Authority (IHDA)ILFirst-Time Homeowner

Funding: Provides multiple assistance options that can offer up to 4 percent of the purchase price (around 6,000 dollars) as a forgivable loan, up to 5 percent (around 7,500 dollars) as a 0 percent deferred loan, or up to 10 percent (around 10,000 dollars) as an interest-free repayable loan amortized over 10 years, all to help cover down payment and closing costs.State housing finance agency mortgage platform that offers 30-year fixed-rate IHDA mortgages bundled with several tiers of down payment and closing cost assistance, structured as forgivable, deferred, or repayable second loans.RollingScope: Statewide (Illinois)state

Updated: Dec 6, 2025

Summary

Comprehensive homebuyer support program offering low-interest 30-year fixed mortgages paired with down-payment/closing-cost assistance of up to $10,000 via forgivable, deferred, or repayable structures—making homeownership more accessible in Illinois.

Benefits

down payment assistanceclosing cost assistancesecond mortgageforgivable loandeferred loanrepayable loanstate housing finance agency program

Who Can Apply

homebuyerfirst-time homebuyerrepeat homebuyerlow-income homebuyermoderate-income homebuyerIllinois homebuyer

Eligible Locations

Homebuyers across Illinois working with an IHDA-approved lender to obtain a 30-year fixed-rate first mortgage who meet IHDA income and purchase price limits, have at least a 640 credit score, contribute the required minimum of 1,000 dollars or 1 percent of the purchase price, complete required homebuyer education, and purchase an owner-occupied primary residence anywhere in the state.

Eligibility

Rolling / funds available

Full Description

The Illinois Housing Development Authority (IHDA) Mortgage and Down Payment Assistance programs provide a variety of assistance options to help homebuyers across Illinois. Through an approved IHDA lender, borrowers can access a fixed-rate 30-year mortgage alongside down payment/closing cost assistance structured as: up to 4% (max ~$6,000) forgivable over 10 years, up to 5% (max ~$7,500) as a deferred 0% loan, or up to 10% (max ~$10,000) repayable over 10 years. Minimum credit score is 640; all counties are eligible; buyers must contribute at least $1,000 or 1% of purchase price. Homebuyer education is required. (IHDA)

Verification & Details

Status: Open

Source: ihda.org

Official source → ihda.org

Apply on official siteUpdated Dec 6, 2025

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A complete first-time homebuyer toolkit: 9 checklists, timelines, grant guidance, worksheets + editable Excel/Google Sheet budget & affordability calculator.

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Explore additional grants available throughout Illinois that complement this opportunity.

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