Illinois State Offers $10,000 to Help Buy a Home, Get Settled – The Southland Journal

Illinois State Offers $10,000 to Help Buy and Settle in to Home (Chicago, IL) — As National Homeownership Month draws to a close, the Illinois Housing Development Authority (IHDA) wants to remind individuals that free assistance is available to help overcome financial barriers to homeownership. IHDA is currently offering up to $10,000 to help individuals, families, veterans and others realize that the dream of homeownership is achievable and more than within reach.

“Every Illinoisan deserves the opportunity to become a homeowner, regardless of their zip code,” said Governor JB Pritzker. “That’s why my administration is committed to helping future homeowners, especially those from historically disadvantaged communities, overcome the financial barriers to homeownership. Through IHDA’s Access Mortgage programs, Illinoisans who otherwise could not afford a down payment or closing costs can apply for deferred or deferred repayment assistance loans.”

Launched in 2018, IHDA’s Mortgage Access programs are open to first-time and repeat homebuyers. Available statewide, each mortgage option offers an affordable fixed interest rate and up to $10,000 to help eligible borrowers cover their down payment and closing costs for the purchase of a new or existing home. This unique program offers three levels of assistance based on the buyer’s needs.

“Last year, one in 13 people who purchased a home in Illinois used an IHDA program to overcome down payment costs and other barriers,” said Kristin Faust, IHDA Executive Director. “Homeownership helps foster strong communities, build generational wealth and provide family stability. Everyone in this state deserves the opportunity to purchase a home for their family, and IHDA is ready to help make that dream a reality.”

Eligibility for an IHDA mortgage is based on the borrower’s credit profile, household income and the purchase price of the home. Additionally, potential buyers must complete a pre-purchase consultation to ensure they are making the best decision for them.

Roushaunda Williams, a Chicago resident, used IHDA Access Mortgage in 2023. “If I hadn’t received the assistance from IHDA, this purchase wouldn’t have happened for quite some time,” Williams said. “Everyone was very helpful throughout the entire property purchase. I am now a homeowner and this dream may have been postponed without IHDA.”

“The IHDA Access program has given me the opportunity to provide a better life for my children,” shared Jose Alberto Gonzalez Ramirez of Crestwood.

All IHDA mortgage programs are offered through a large network of over 180 lenders throughout Illinois. Many of these loan officers have worked with IHDA for years and are experts in affordable mortgage financing. IHDA programs can be combined with local assistance programs to add even more value to the homebuyer. If you are interested in purchasing a home with the help of IHDA Mortgage, you can find a participating lender near you to discuss your options at www.ihdamortgage.org.

Additionally, for those still unsure whether buying a home is the right decision, IHDA has partnered with the Federal Home Loan Bank of Chicago to administer the Community First® Housing Counseling Resource Program (HCRP) that can help answer these questions and determine if it’s the right time for you. The HCRP is a three-year program that provides grants to nearly two dozen HUD-approved housing counseling agencies in Illinois to expand their services to minority and low- and moderate-income homebuyers. These agencies have already provided free counseling to more than 15,250 individuals and have helped 1,955 households purchase a home in Illinois after receiving housing counseling services.

Illinois State Offers $10,000 to Help Buy and Settle in to Home