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The program can be used for the purchase of single-family homes, town homes, condominiums and owner-occupied properties containing up to four units. First time home buyers must complete a home buyer education course when participating in the program. Qualified buyers may receive a grant for up to 7 percent of the total loan amount based on income.
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The Department of Housing offers a number of programs and services to prospective home buyers in the city of Chicago. For more information, contact 312.744.0281.
In partnership with Neighborhood Housing Services of Chicago, the Down Payment Assistance (DPA) program provides a grant for $20,000 for CHA residents/participants and $10,000 for non-CHA applicants. You can either be currently participating in a CHA program or simply be an IL resident (living in or moving to Chicago) that meets the income limits.
The Department of Housing (DOH) creates homeownership opportunities through various programs that help moderate-income residents purchase a home in Chicago at an affordable price. The price the buyer pays for the home is below the market value of the property. These homes are made available for purchase when new units are built or when existing ...
- Illinois First-Time Home Buyer Programs
- Ihdaccess Mortgage Program
- Ihdaccess Forgivable
- Ihdaccess Deferred
- Ihdaccess Repayable
- 1sthome Illinois
- Chicago First-Time Home Buyer Assistance Programs
- Other Illinois Programs
- Getting Started
The primary resource for home buyers in the state of Illinois is the Illinois Housing Development Authority (IHDA). The mission of the IHDA is to “finance the creation and preservation of affordable housing in Illinois.” The state government agency provides financing programs by forming partnerships with local governments, lenders, developers and c...
Lining up funds for down payment or closing costs can be challenging, especially when your savings fall short. The IHDAccess program offers three different optionsfor buyers who need help with these up-front costs: 1. IHDAccess Forgivable 2. IHDAccess Deferred 3. IHDAccess Repayable These loan programs offer a 30-year mortgage plan with an affordab...
The IHDAccess Forgivable Mortgage programis a great option for first-time home buyers who are looking for help with funds for down payment and closing costs. The program gives you 4% of the property price (up to a maximum of $6,000). The funds are forgiven monthly (hence, the name “Forgivable”) over a period of 10 years, meaning the loan does not h...
The IHDAccess Deferred Mortgage program is another option that can assist you with down payment and closing costs. This program offers an interest-free loan of 5% of the purchase property price (a maximum of up to $7,500) to be used towards down payment and closing costs. The loan is deferred for the length of the mortgage, meaning it does not have...
IHDAccess Repayableprovides even more funding for down payment and closing costs. This program offers 10% of the purchase price (up to a maximum of $10,000) as an interest-free loan which must be repaid over 10 years.
The 1stHome Illinois programis geared toward first-time home buyers and is a helpful option for buyers looking for homes specifically in Cook, Marion, Winnebago and St. Clair counties. This loan program offers a grant of $7,500 to put toward down payment or closing costs. The up-side of this program is that if you live in the house for at least fiv...
For those who are first-time home buyers in Chicago, the city’s Department of Housing (DOH) offers programs that can provide cost-saving loans and grants, especially for home buyers with low to moderate incomes. Community Connections Home Buyer Assistance Program provides funding to eligible city workers, career service employees, police officers, ...
Additional resources can be found at the local level from individual cities and counties. Location specific home buyer programs in Illinois include: 1. Madison County HOMEbuyer Program, which offers 5-year interest-free, forgivable loans to put towards down payment and closing costs. 2. Kane County First-Time Home Buyer Loan Program, which provides...
Decide on a Location
As you begin your home-buying journey, consider the county and location where you want to live. Most IHDA programs are available for properties throughout the entire state, while some are specific to certain cities or counties. As you can see above, some individual cities and counties may also offer loan and grant programs. Once you narrow down your location choices, you can focus on programs that are available for your area.
Begin Homeownership Counseling
The IHDA and local agencies require all first-time buyers in Illinois to complete pre-purchase counseling. A counselor will help you identify your readiness in purchasing a home and share tips and insights into the duties and financial responsibilities that come with being a homeowner. IHDA provides a handy tool to search for a counselor. Even if you are not ready to begin house hunting quite yet, getting started with a counselor can help prepare you for the next steps.
Find a Lender
IHDA does not finance home buyers directly. They do, however, coordinate with approved mortgage lenders and can help you search for a lender.Different lenders offer different interest rates, terms and requirements for eligibility. Additional costs, like private mortgage insurance (PMI), will affect your monthly mortgage payment. A good lender will explain the costs and terms and help you understand the many different options available.
Mar 30, 2020 · According to the City’s website, “The MCC allows the homebuyer to claim a tax credit for a portion of the mortgage interest paid per year. The current rate of annual savings is 25 percent for ...
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Mar 8, 2019 · 3. 1stHomeIllinois. This state program offers a $7,500 grant toward a down payment and closing costs on a property in Cook, Marion, St. Clair and Winnebago counties. As the name implies ...
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The home buying process is complex and is full of costs first time buyers may not know. Get a breakdown of potential costs associated with making an offer and purchasing a home.
