Illinois Down Payment Assistance Program!

For homeowners who are taking advantage of the Illinois Housing Development Authority’s (IHDA’s) Home Start program, down payment assistance may be available. The IHDA will loan you 3% of your purchase price, up to $6,000, if you meet certain criteria:

1) You must be a first-time homebuyer (unless you are a veteran).
2) You must qualify for and secure an IHDA 30-year fixed rate loan.
3) You must meet purchase price guidelines.
4) You must meet certain income requirements.
5) You must be willing to participate in homeownership counseling.

The IHDA’s down payment assistance loan has zero percent interest, payable in 10 years. Moreover, the loan may be forgivable. For more information directly from the IHDA, click here.

Whether or not you qualify for this program does not affect your ability to receive the current $8000 tax credit for first-time homebuyers. For more information on that credit, click here.