Houses and Trees

IHDA Fact #1

All IHDA programs require pre-purchase education. Click the Homebuyer Education Courses link to learn more.

Welcome to the Homebuyer Center!


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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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.

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IHDAccess Repayable is a mortgage down payment assistance program. Here's what this means for your purchase:

  • Repayment: The assistance is repaid monthly over the course of 10yrs. There is 0% interest, and you will receive a separate statement from U.S. Bank for both your 1st mortgage and the 2nd mortgage

  • Assistance: You will receive 10% of the purchase price up to $10,000 in assistance, which can be used to pay your down payment, closing costs, or both!

  • Loan Type: It is available with conventional, VA, FHA, or USDA loan types.

  • 1st Mortgage: All IHDA programs come with a 30 year fixed rate mortgage. This is what finances majority of the home purchase. 

  • 2nd Mortgage: While all IHDA 2nd mortgages do not carry interest, this program requires a monthly payment in addition to your 1st mortgage payment for ten years. make sure you include this in your budget as you consider your budget.

What happens if I sell or refinance before the 10 years are up?

  • You will need to repay the remaining balance on your 2nd mortgage.


I'm not a first-time homebuyer, can I still be eligible for the program?

  • Yes! You can be a non-first time homebuyer, or a current homeowner and still use the program. You must occupy the new home as your primary residence within 60 days of close. If you retain another property, your loan officer will need to verify whether you can meet program guidelines while being obligated to two properties.

Main Requirements

IHDA Mortgage Programs require:

  • 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.

  • 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. 

  • Borrower's home to be purchased to be located anywhere in the State of Illinois.

  • 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).

  • 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). 

  • 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. 

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Find a program that works for you! Select a program to learn more: