Welcome to the Homebuyer Center!
The IHDA Mortgage Process
Watch a quick video on how to buy a home with IHDA Mortgage.
Active Program Directory
Browse all of our available programs.
View Approved Lenders
Ready to see if you qualify? Call or apply online with any of these lenders!
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.
Back To Main Menu
The Homebuying Process
We keep homebuying as simple as possible. We trust our lending partners to handle the entire homebuying process from application to closing.
There is no separate review or application process with IHDA Mortgage. Fewer hurdles means a quicker closing. Just know our team is here if you need us or have questions throughout the process.
You're On Your Way!
Understanding the programs is a great 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.
Back
Home
Opening Doors is a down payment assistance program. Here's what this means for your purchase:
Repayment: The assistance does not need to be repaid (unless you sell or refinance before 5 years of ownership).
Forgiveness: The assistance is forgiven each month, meaning the balance is gradually reduced to zero over time until 5 years have elapsed.
Assistance: You will receive $9,000, as a 2nd mortgage, which can be used to pay your down payment, closing costs, or both!
Loan Type: Available with conventional, VA, FHA, or USDA loans.
1st Mortgage: All IHDA programs come with a 30-year fixed-rate mortgage. This is what finances the majority of the home purchase.
2nd Mortgage: It comes in the form of a second mortgage, and is known as a “silent 2nd,” meaning you will not receive a statement or have to make monthly payments.
What happens if I sell or refinance before the 5-year forgiveness period?
You will need to repay the remaining unforgiven balance. The assistance amount is forgiven monthly, so the amount you owe is reduced the longer you stay in the home. For example, if you sold or refinanced the home 2.5 years into owning the home, you would need to repay $4,500.
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
All 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 applicable to the program being used. 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 50% 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.
Active Program Directory
Find a program that works for you! Select a program to learn more:
Home
A no monthly payment, deferred down payment assistance loan for first-time homebuyers. Repayment is due when you sell or refinance.
Assistance Amount
Assistance Maximum
6%
$15,000
Program Term Length
30 years
A no monthly payment, forgivable down payment assistance loan, no repayment unless sold or refinanced before 5 yr. forgiveness period.
Assistance Amount
Assistance Maximum
Flat $9,000
$9,000
Program Term Length
5 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
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 zero interest repayable down payment assistance loan, monthly repayment is required.
Assistance Amount
Assistance Maximum
10%
$10,000
Program Term Length
10 years
DISCLAIMER: All program funding and availability is subject to change at any time, and is not guaranteed until the lender places a complete reservation with IHDA Mortgage. Potential borrowers must meet all applicable program guidelines and income/purchase price limits for the county the property is located in to be eligible. Detailed program guidelines and requirements can be found in the procedural guide posted in the IHDA Document Library.
