They offer Affordable fixed-rate programs and up to $10,000 to assist eligible borrowers with their down payment and closing costs. These programs work with all mortgage types including FHA, VA, USDA, and FNMA HFA Preferred loans. There were, as of 2020, six different programs available, each offering different levels of assistance, repayment terms, and qualifications. Please check with your mortgage representative to make sure any of these are still available or what changes may have been made to them and what new programs may have come out that could be beneficial for you. • IHDAccess Forgivable – Provides 4% of purchase price up to $6,000 cash assistance • IHDAccess Deferred – Provides 5% of purchase price up to $7,500 cash assistance • IHDAccess Repayable – Provides 10% of purchase price up to $10,000 cash assistance • 1stHomeIllinois – Provides $7,500 down payment assistance for certain counties in Illinois and is only for 1st-time homebuyers whereas the other programs are available statewide and are for 1st-time home buyers and repeat buyers who use an FHA, VA, USDA, or Conventional Loan. • Federal Home Loan Bank of Chicago (FHLBC) Down Payment Plus - Qualifying borrowers can receive a forgivable grant of up to $6,000. Coupled with FHA, Conventional, VA, USDA, and IHDA loan programs, FHLBC is available to both first-time and repeat buyers in Illinois, Indiana and Wisconsin.
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