First-Time Home Buyer Programs in Illinois

Illinois Housing Development Authority (IHDA) Programs:

IHDAccess Mortgage:

Eligibility: First-time buyers (no homeownership in past 3 years) or buyers in IHDA-targeted areas.
Offerings: 30‑year fixed-rate mortgage (FHA, VA, USDA, conventional) with DPA of 4%, 5%, or 10% of purchase price.
Requirements:

• Income ≤ county limits (e.g., ~$123,300 in Cook County for 1–2 people in 2025). 2025 income & price limits.
• Credit score ≥ 640 (per loan type requirements).
• Debt-to-income ≤ 45% (50% allowed with higher scores).
• Homebuyer education required.

IHDAccess Forgivable:

Benefits: 4% (up to $6,000) as a forgivable second loan, forgiven over 10 years. Learn more.

IHDAccess Deferred:

Description: 5% (up to $7,500) interest-free deferred second loan repayable only when you sell, refinance, or pay off your mortgage.

IHDAccess Repayable:

Description: 10% (up to $10,000) interest-free second loan, repayable monthly over 10 years.

Local Programs:

Chicago

Chicago Home Buyer Assistance Program: Up to $10,000 forgivable loan (after 5 years) for buyers ≤ 80% AMI. Details.

Springfield

Springfield First-Time Homebuyer Program: Up to $15,000 interest-free deferred loan; ≤ 80% AMI.

Rockford

Rockford Homebuyer Assistance Program: Up to $20,000 deferred loan, forgiven after 10 years; ≤ 80% AMI.

Additional Information:

• Mortgage Credit Certificate (MCC): 25% credit on mortgage interest (max $2,000); $500 fee.
• USDA & VA Loans: Zero-down payment options available.
• FHA Loans: 3.5% down (credit ≥ 580; 10% if <580).