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October 27, 2022

IHDA Loans & Down Payment Assistance

The Illinois Housing Development Authority offers several mortgage programs for borrower assistance.

Opening Doors Program

A no monthly payment, forgivable down payment assistance loan, no repayment unless sold or refinanced before 5-year forgiveness period.

  • Repayment: the assistance does not need to be repaid (unless you sell or refinance before 5 years of ownership).
  • Assistance: $6,000.
  • Forgiveness: the assistance is forgiven every month, which can be used to pay your down payment, closing costs, or both.
  • Loan Type: It is available with conventional, VA, FHA, or USDA loan types.
  • 2nd Mortgage: The down payment assistance comes in the form of a second mortgage; you will not receive a statement or have to make monthly payments.
  • Available: You do not need to be a first-time home buyer to use the program.

Requirements:

  • Must be purchasing a primary residence, taking ownership within 60 days of closing.
  • Credit Score 640 and higher.
  • Home to be purchased must be located in Illinois.
  • Borrower’s income and home purchase price to fall within the current income and purchasing limits.
  • Borrower to contribute a minimum of 1% of the sale price or $1,000 (whichever is greater).
  • Borrower’s debt-to-income ratio lower than 45%.

IHDAccess Forgivable

A no monthly payment, forgivable down payment assistance loan, no repayment unless sold or refinanced before 10-year forgiveness period.

  • Repayment: the assistance does not need to be repaid (unless you sell or refinance before 10 years of ownership).
  • Forgiveness: the assistance is forgiven every month, which can be used to pay your down payment, closing costs, or both.
  • Assistance: You will receive $6,000 in assistance, which can be used to pay your down payment, closing costs, or both.
  • Loan Type: It is available with conventional, VA, FHA, or USDA loan types.
  • 1st Mortgage: All IHDA programs come with a 30-year fixed rate mortgage. This finances the majority of your home purchase.
  • 2nd Mortgage: The down payment assistance comes in the form of a second mortgage; you will not receive a statement or have to make monthly payments.
  • Available: You do not need to be a first-time home buyer to use the program.

Requirements:

  • Must be purchasing a primary residence, taking ownership within 60 days of closing.
  • Credit Score 640 and higher.
  • Home to be purchased must be located in Illinois.
  • Borrower’s income and home purchase price to fall within the current income and purchasing limits.
  • Borrower to contribute a minimum of 1% of the sale price or $1,000 (whichever is greater).
  • Borrower’s debt-to-income ratio lower than 45%.

IHDAccess Deferred

A no monthly payment, deferred down payment assistance loan, payment is due when you sell or refinance.

  • Repayment: The assistance does not need to be repaid until one of the following “events” take place (whichever comes first):
    • The home is sold,
    • The home is refinanced,
    • 30 years have elapsed.
  • Assistance: You will receive 5% of the purchase price up to $7,500 in assistance, which can be used to pay your down payment, closing costs or both.
  • Loan Type: It is available with conventional, VA, FHA, or USDA loan types.
  • 1st Mortgage: All IHDA programs come with a 30-year fixed rate mortgage. This finances the majority of your home purchase.
  • 2nd Mortgage: The down payment assistance comes in the form of a second mortgage; you will not receive a statement or have to make monthly payments.
  • Available: You do not need to be a first-time home buyer to use the program.

Requirements:

  • Must be purchasing a primary residence, taking ownership within 60 days of closing.
  • Credit Score 640 and higher.
  • Home to be purchased must be located in Illinois.
  • Borrower’s income and home purchase price to fall within the current income and purchasing limits.
  • Borrower to contribute a minimum of 1% of the sale price or $1,000 (whichever is greater).
  • Borrower’s debt-to-income ratio lower than 45%.

IHDAccess Repayable

A zero-interest repayable down payment assistance loan, monthly repayment is required.

  • Repayment: The assistance is repaid monthly over the course of 10 years. There is 0% interest, and you will receive a separate statement for your 1st and 2nd mortgage.
  • Assistance: You will receive 10% of the purchase price up to $10,000 in assistance, which can be used to pay your down payment, closing costs, or both.
  • Loan Type: It is available with conventional, VA, FHA, or USDA loan types.
  • 1st Mortgage: All IHDA programs come with a 30-year fixed rate mortgage. This finances the majority of your home purchase.
  • 2nd Mortgage: All IHDA programs do not carry interest, this program requires a monthly payment in addition to your 1st mortgage payment for 10 years, make sure you budget.
  • Available: You do not need to be a first-time home buyer to use the program.

Requirements:

  • Must be purchasing a primary residence, taking ownership within 60 days of closing.
  • Credit Score 640 and higher.
  • Home to be purchased must be located in Illinois.
  • Borrower’s income and home purchase price to fall within the current income and purchasing limits.
  • Borrower to contribute a minimum of 1% of the sale price or $1,000 (whichever is greater).
  • Borrower’s debt-to-income ratio lower than 45%.
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                             Divison of Banking Locations                                                                                  Phone Numbers

          Springfield Office                               Chicago Office                                          General Inquires                              TTY

        Division of Banking                         Divison of Banking                                       1-888-473-4858                   1-866-325-4949 

 320 West Washington Street       100 West Randolph, 9th Floor                                                  Divison of Banking

       Springfield, IL 62786                        Chicago, IL 6060                                                                 1-844-768-1713

NMLS# 935629

1701 52nd Avenue, Moline, IL  61265

866-441-1862    customerservice@ruhlmortgage.com

 

For more information regarding licensing, go to www.nmlsconsumeraccess.org

                             Divison of Banking Locations                                                                                  Phone Numbers

          Springfield Office                               Chicago Office                                          General Inquires                              TTY

        Division of Banking                         Divison of Banking                                       1-888-473-4858                   1-866-325-4949 

 320 West Washington Street       100 West Randolph, 9th Floor                                                  Divison of Banking

       Springfield, IL 62786                        Chicago, IL 6060                                                                 1-844-768-1713