IHDA Loans & Down Payment Assistance

The Illinois Housing Development Authority offers several mortgage programs for borrower assistance.

Opening Doors Program

A no monthly payment, forgivable down payment assistance loan, no repayment unless sold or refinanced before 5-year forgiveness period.

Repayment: the assistance does not need to be repaid (unless you sell or refinance before 5 years of ownership).
Assistance: $6,000.
Forgiveness: the assistance is forgiven every month, which can be used to pay your down payment, closing costs, or both.
Loan Type: It is available with conventional, VA, FHA, or USDA loan types.
2nd Mortgage: The down payment assistance comes in the form of a second mortgage; you will not receive a statement or have to make monthly payments.
Available: You do not need to be a first-time home buyer to use the program.

Must be purchasing a primary residence, taking ownership within 60 days of closing.
Credit Score 640 and higher.
Home to be purchased must be located in Illinois.
Borrower’s income and home purchase price to fall within the current income and purchasing limits.
Borrower to contribute a minimum of 1% of the sale price or $1,000 (whichever is greater).
Borrower’s debt-to-income ratio lower than 45%.

A no monthly payment, forgivable down payment assistance loan, no repayment unless sold or refinanced before 10-year forgiveness period.

Repayment: the assistance does not need to be repaid (unless you sell or refinance before 10 years of ownership).
Forgiveness: the assistance is forgiven every month, which can be used to pay your down payment, closing costs, or both.
Assistance: You will receive $6,000 in assistance, which can be used to pay your down payment, closing costs, or both.
Loan Type: It is available with conventional, VA, FHA, or USDA loan types.
1st Mortgage: All IHDA programs come with a 30-year fixed rate mortgage. This finances the majority of your home purchase.
2nd Mortgage: The down payment assistance comes in the form of a second mortgage; you will not receive a statement or have to make monthly payments.
Available: You do not need to be a first-time home buyer to use the program.

Must be purchasing a primary residence, taking ownership within 60 days of closing.
Credit Score 640 and higher.
Home to be purchased must be located in Illinois.
Borrower’s income and home purchase price to fall within the current income and purchasing limits.
Borrower to contribute a minimum of 1% of the sale price or $1,000 (whichever is greater).
Borrower’s debt-to-income ratio lower than 45%.

A no monthly payment, deferred down payment assistance loan, payment is due when you sell or refinance.

Repayment: The assistance does not need to be repaid until one of the following “events” take place (whichever comes first):
- The home is sold,
- The home is refinanced,
- 30 years have elapsed.
Assistance: You will receive 5% of the purchase price up to $7,500 in assistance, which can be used to pay your down payment, closing costs or both.
Loan Type: It is available with conventional, VA, FHA, or USDA loan types.
1st Mortgage: All IHDA programs come with a 30-year fixed rate mortgage. This finances the majority of your home purchase.
2nd Mortgage: The down payment assistance comes in the form of a second mortgage; you will not receive a statement or have to make monthly payments.
Available: You do not need to be a first-time home buyer to use the program.

Must be purchasing a primary residence, taking ownership within 60 days of closing.
Credit Score 640 and higher.
Home to be purchased must be located in Illinois.
Borrower’s income and home purchase price to fall within the current income and purchasing limits.
Borrower to contribute a minimum of 1% of the sale price or $1,000 (whichever is greater).
Borrower’s debt-to-income ratio lower than 45%.

A zero-interest repayable down payment assistance loan, monthly repayment is required.

Repayment: The assistance is repaid monthly over the course of 10 years. There is 0% interest, and you will receive a separate statement for your 1st and 2nd mortgage.
Assistance: You will receive 10% of the purchase price up to $10,000 in assistance, which can be used to pay your down payment, closing costs, or both.
Loan Type: It is available with conventional, VA, FHA, or USDA loan types.
1st Mortgage: All IHDA programs come with a 30-year fixed rate mortgage. This finances the majority of your home purchase.
2nd Mortgage: All IHDA programs do not carry interest, this program requires a monthly payment in addition to your 1st mortgage payment for 10 years, make sure you budget.
Available: You do not need to be a first-time home buyer to use the program.

Must be purchasing a primary residence, taking ownership within 60 days of closing.
Credit Score 640 and higher.
Home to be purchased must be located in Illinois.
Borrower’s income and home purchase price to fall within the current income and purchasing limits.
Borrower to contribute a minimum of 1% of the sale price or $1,000 (whichever is greater).
Borrower’s debt-to-income ratio lower than 45%.