Moving or Refinancing?

What you need to know.

How do I order a Payoff?


Hardest Hit Fund Loans (includes $7,500 1stHomeIllinois Down Payment Assistance)

Email LoanPayoff@ihda.org with the following:

  1. Borrower name and property address

  2. Expected closing date

  3. Email address (to send payoff statement)

  4. Authorization from borrower

  5. Title commitment

All Other Down Payment Assistance Loans

Email LoanPayoff@ihda.org with the following:

  1. Borrower name and property address

  2. Expected closing date

  3. Email address (to send payoff statement)

  4. Authorization from borrower

First Mortgage Loans serviced by IHDA*

For borrowers who receive a monthly statement from IHDA:

  • Request a payoff by emailing prepayoff@yourmortgageonline.com OR calling 847-550-7300.

    • *First mortgage refers to the larger, 30yr mortgage, not Down Payment Assistance. Borrowers who receive a monthly statement from U.S. Bank should contact customer service at 800-365-7772.

How do I order a Release?


If your IHDA mortgage has been fully paid off or forgiven, you can request a release by emailing loanpayoff@ihda.org. In your email request, please attach this completed Release Request Form.

I'm refinancing, can I keep my IHDA 2nd mortgage open?

No, unfortunately IHDA Mortgage cannot subordinate lien position. If you pay off your 1st mortgage, the IHDA 2nd mortgage must also be closed out. Please note this does not apply to Illinois Hardest Hit Fund HELP recipients, who may subordinate on a qualifying refinance. You can download the request form here, submit the completed form to subrlse@ihda.org.


How do I know which program I used and/or my closing date?

Find your copy of the closing paperwork, your lender should have emailed you a copy or the title company will have provided you a physical copy. You can find the program by looking at the document codes at the bottom right of the mortgage signed at closing:

  • FG= IHDAccess Forgivable

  • RP= IHDAccess Repayable

  • DF= IHDAccess Deferred

  • 1stHome= 1stHomeIllinois

  • AtHome= AtHomeIllinois

Your closing date will also be reflected on this document next to your signature.

Do I owe anything on my IHDA 2nd mortgage? If so, how do I find out how much?

You can order a payoff to get the exact balance owed or you can do some calculation on your own. For monthly amortizing IHDA 2nd mortgages, you can get a rough estimate of the amount owed by subtracting the monthly amount from the starting balance. Please note, some programs are forgiven after their term/forgiveness period. For exact amounts, please refer to the "How do I order a Payoff" question. The calculations below are for reference only and should not be used to confirm any debt owed: 

 

  • 1stHomeIllinois: $7,500 - (number of months since closing x $125) = Current balance

    • Program Term Length: 60 months 

  • AtHomeIllinois: $5,000 - (number of months since closing x $41.67) = Current balance

    • Program Term Length: 120 months 

  • Access Forgivable: Assistance amount - ((Assistance Amount ÷ 120) x number of months since closing) = Current Balance

    • Program Term Length: 120 months 

  • Access Deferred: Full amount of assistance due upon refinance, sale of home, or maturity of 1st Mortgage.

    • Program Term Length: 360 months 

  • Access Repayable: Assistance amount - ((Assistance Amount ÷ 120) x number of months since closing) = Current Balance

    • Program Term Length: 120 months