IDHA Adds Down Payment Assistance Programs

The Illinois Housing Development Authority (IDHA) is offering three new loan options as of Feb 1, 2018:

Three New Down Payment Assistance Options:

  1. 10% Repayable Loan (capped at $10,000).  Assistance in the form of a Zero percent interest loan to be repaid over 10 years. ($83.33 payment per month)
  2. 5% Deferred Assistance (capped at $7,500).  Assistance in the form of deferred funds with repayment at time of sale or refinance of property.
  3. 4% Forgivable Grant (capped at $6,000).  Assistance in the form of a grant.  No repayment necessary, unless Buyer sells, refinances or rents home inside initial 10 years. (funds are forgiven pro-rata on a monthly basis, over 10 years)

Eligibility Guidelines:

  • Both first time buyers and non-first time buyers.
  • Income caps of $79,000 (1-2 person household) and $90,850 (3+ person household).
  • Conventional, FHA and VA loans are available.
  • Single Family and 2-Unit Properties
  • Statewide availability (not county specific)

For more information about these programs, get in touch and let me connect you to the trusted lenders on my team!