First Time Buyer Home Loans | ILLINOIS HOUSING DEVELOPMENT AUTHORITY

First Time Buyer Home Loans | ILLINOIS HOUSING DEVELOPMENT AUTHORITY - Homebuyers Assistance Programs

111 East Wacker Drive, Suite 1000, Chicago, IL 60601

Eligibility

- Must be purchasing a primary residence anywhere in the State of Illinois - Must be a qualified single family dwelling - Must have credit score 640 or higher - Must have income and home purchase price to fall within the current income and purchase price limits - Must be able to contribute a minimum of 1% of the sale price or $1,000 (whichever is greater) towards the transaction or eligible gift funds (case-by-case) - Must have debt to income ratio (DTI) be 45% or lower

Hours

Service Hours Monday: 8:30 AM - 5:00 PM Tuesday: 8:30 AM - 5:00 PM Wednesday: 8:30 AM - 5:00 PM Thursday: 8:30 AM - 5:00 PM Friday: 8:30 AM - 5:00 PM

877-456-2656

Voice - Primary Contact Number

https://www.ihdamortgage.org

Languages

- Spanish - Interpreter services available

Application process

Homebuyers must apply with an approved IHDA Mortgage Lender (visit website for list) Documents Required: - Two most-recent paystubs - Most recent tax return - Bank statements - Additional documentation may be required

Fees

No fee

Service area

Description

Provides eligible homebuyers up to $10,000 in assistance for down payment and/or closing costs. May be first-time or repeat homebuyers. Must be a qualified single-family home anywhere in the State of Illinois. Offers the following program options: - Forgivable - offers up to $6000 down payment assistance; no repayment unless sold or refinanced within 10 years - Deferred - offers up to $7500 down payment assistance with deferred payments once home is sold or refinanced - Repayable - offers up to $10,000 down payment assistance; monthly repayment required

Date of Last Formal Update

08/14/2025

Data provided by

Lake County 211

What's Here

First Time Buyer Home Loans

Providing organization

ILLINOIS HOUSING DEVELOPMENT AUTHORITY

Government agency financing the creation and preservation of affordable housing in the State of Illinois.