The Illinois Housing Development Authority (IDHA) is offering three new loan options as of Feb 1, 2018:
Three New Down Payment Assistance Options:
- 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)
- 5% Deferred Assistance (capped at $7,500). Assistance in the form of deferred funds with repayment at time of sale or refinance of property.
- 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)
- 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!