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We believe homeownership is more than just buying a home.
Owning a home means investing in your community, your family and your future. Our team is working hard to make homeownership more accessible for families across Illinois. Find out how our program can help!
Homebuyer Center
Welcome to the Homebuyer Center! Below is our collection of guides and resources to help you throughout the hombuying process.
Looking for COVID-19 resources? Visit IHDA.org for more information.
You're On Your Way!
Learning the programs is the first step.
We're here for you every step of the way! Before we get started, let us know if you want us to email you or give you a call. We'll send you program announcements, and a welcome email with detailed information on how to apply.
Active Program Directory
Lot's of options for lots of budgets...
A no monthly payment, deferred down payment assistance loan, payment is due when you sell or refinance.
Assistance Amount
Assistance Maximum
Flat $10k
$10,000
Program Term Length
30 years
A no monthly payment, forgivable down payment assistance loan, no repayment unless sold or refinanced before 5yr. forgiveness period.
Assistance Amount
Assistance Maximum
Flat $6k
$6,000
Program Term Length
5 years
SmartBuy offers $5k in down payment assistance and up to $40k in student debt relief.
Assistance Amount
Assistance Maximum
$5k DPA/Up to $40 EDU
$40,000
Program Term Length
3yrs EDU/30 years DPA
A zero interest repayable down payment assistance loan, monthly repayment is required.
Assistance Amount
Assistance Maximum
10%
$10,000
Program Term Length
10 years
A no monthly payment, deferred down payment assistance loan, payment is due when you sell or refinance.
Assistance Amount
Assistance Maximum
5%
$7,500
Program Term Length
30 years
A no monthly payment, forgivable down payment assistance loan, no repayment unless sold or refinanced before 10 yr. forgiveness period.
Assistance Amount
Assistance Maximum
4%
$6,000
Program Term Length
10 years
The Homebuying Process
We keep the process simple for homebuyers by partnering with local lenders across the state. IHDA loans do not take longer to close than a regular mortgage and offer very competitive interest rates. Here's a short video explaining the process:
How to Buy a Home - IHDA Mortgage Down Payment Assistance Programs
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Homebuying shouldn't be be a puzzle...
Learn how down payment assistance works to help you buy a home!
There are three "layers" that finance your home with an IHDA Mortgage Down Payment Assistance Program.
Borrower Funds: Money you bring to the closing (for IHDA we require 1% of the sales price or $1,000, whichever is higher. Sometimes, gift funds can be allowed, talk to your loan officer to is this an option.
IHDA Mortgage Down Payment Assistance: This is the money IHDA provides as part of the program you choose.
30yr Mortgage: This is the larger 30yr mortgage you will pay monthly. IHDA loans are serviced by U.S. Bank, who will send you a monthly statement.
These layers added together equal 100% of the purchase price. Allowing you to buy the home.
So what's Next?
Get Started!
Watch a quick video on how to buy a home with IHDA Mortgage.
View Approved Lenders
Ready to see if you qualify? Call or apply online with any of these lenders!
Active Program Directory
Browse all of our available programs.
Keep Learning!
Check out all the homebuyer center has to offer!
View Approved Lenders
Ready to see if you qualify? Call or apply online with any of these lenders!
Contact Us
Still have questions? We're here to help!
Homebuyer Education Courses
All IHDA Mortgage programs require pre-purchase education. Find eligible providers and requirements here.
Request Information
Get a pre-purchase guide sent to your email and stay up to date on our latest programs.
Illinois HFA1 is a deferred payment mortgage assistance program. It gives the borrower a flat $10,000 towards down payment or closing costs. The assistance is must be repaid when the borrower sells, refinances, or when 30yrs has elapsed. It is available as a conventional, VA, FHA, or USDA loan type. Like all IHDA Programs, homeowners can pre-pay at any time without penalty.
Assistance Calculator
Assistance Amount due on sale or refinance.
Maximum Assistance:
New Home Purchase Price
Main Requirements
IHDA Mortgage Programs require:
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The purchase of a primary residence. You must be buying a primary residence, we cannot finance a vacation home or other property that will not be your primary residence within 60 days of close.
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Borrower's credit score to be 640 or higher. Lenders use the "middle score" when making this determination, which means when they pull the scores from all three credit bureaus, the highest and lowest scores are set aside and the middle score is used to determine eligibility. If you're a homebuyer with a short credit history and have less than three scores, the lowest score (or only score) is used.
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Borrower's home to be purchased to be located anywhere in the State of Illinois.
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Borrower's income and home purchase price to fall within the current income and purchase price limits. (It's ok if you're not sure, your lender will calculate this for you).
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Borrower to contribute a minimum of 1% of the sale price or $1,000 (whichever is greater) towards the transaction. This can include items like earnest money, appraisal fees, pre-paid homeowners insurance, and sometimes gift funds (if allowed, talk to your loan officer to see if this is an option for you).
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Borrower's debt to income ratio (DTI) to be 45% or lower. This is the total of your revolving monthly debt, the amount of the your new housing payment (principal, interest, taxes and insurance), and items such as car payments, credit card bills, student loans, etc. divided by your gross monthly income (that's the amount before taxes are taken out). If you're not sure, your IHDA Approved Lender will calculate this for you.
Who is IHDA Mortgage?
We're a department of The Illinois Housing Development Authority. Founded in 1967, IHDA has been a leader in affordable housing for over 50 years! We were created by a state charter in 1967 to help increase access to affordable housing accross Illinois. Each year we help over 5000 families buy homes!
IHDA Homeownership - Creating Hope, Changing Lives
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Homebuyer Resources
Our list of resources and guides to help you in the homebuying process.
Program Name
Add your content or connect to a database.
Here are the top lenders in your area!
Top Lenders
Top Loan Officers
1st
LenderName
Company Name
(000)-000-0000
NMLS ID#
000000
All loan officers and lenders listed above are IHDA Mortgage Award Winners.
Where are you buying?
Program applications are handled by trusted lender's we approve. Click on your region for the top lenders in the area.
Northwestern Illinois
Chicagoland
Central Illinois
Southern Illinois
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