Illinois Housing Development Authority is offering up to $10,000 in free assistance to people wanting to buy a home.
“Every Illinoisan deserves the opportunity to become a homeowner, regardless of their ZIP code,” Gov. J.B. Pritzker said. “That’s why my administration is committed to helping prospective homeowners — especially those from historically disadvantaged communities — overcome the financial barriers of owning a home. Through IHDA’s Access Mortgage programs, Illinoisans who would otherwise not be able to afford a down payment or closing costs can apply for forgivable or deferred-assistance loans.”
IHDA created its Access Mortgage programs in 2018 for first-time and repeat home buyers. Mortgage options come with fixed interest rates and up to $10,000 to help eligible borrowers with their down payment and closing costs. Tiers of assistance are based on home buyers’ needs, according to IDHA.
Credit profile, household income, and the price of the home are used to determine eligibility. Potential home buyers are required to complete pre-purchase home ownership counseling, IHDA said. IDHA mortgage programs can be combined with local mortgage assistance programs.
“Last year, one in every thirteen people who bought a home in Illinois utilized an IHDA program to help overcome down payment costs and other hurdles,” IHDA Executive Director Kristin Faust said. “Home ownership helps foster strong communities, create generational wealth, and provide family stability. Everyone in this state deserves the opportunity to buy a home for their families and IHDA is ready to help make that a reality.”
