IHDA's Down Payment Assistance Programs for Illinois Home Buyers

Dated: December 18 2020

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Owning a home has never been more affordable with the historically low interest rates and down payment assistance programs.  Many renters took the step in 2020 taking advantage of the low interest rates to become homeowners.  In today's economy many people need down payment assistance to make their dream of homeownership a reality. 

Great news!  The Illinois Housing Development Authority "IHDA" currenty has five down payment assistance "DPA" programs to help if you are looking to purchase a primary residence in the state of Illinois!  Below is a brief summary of the programs.  Click the link below for more details on each program.

  • IHDAccess Forgivable - 4% of Purchase Price up to $6,000
  • IHDAcces Deferred - 5% of the Purchase Price up to $7,500
  • IHDAccess Repayable - 10% of Purchase Price up to $10,000
  • Opening Doors - $6000 flat
  • Smart Buy - Combines $5000 in down payment assistance with up to $40,000 in student loan debt relief

I am most excited about IHDA's newest program, the Smart Buy.  This program combines a $5000 downpayment assistance grant with student loan debt relief up to $40,000.  This is a great opportunity to not only get help with buying a home, but to get rid of student loan debt at the same time! 

These programs are not limited to first time homebuyers and have helped thousands of Illinois residents to purchase a new home!  There are credit score and income restrictions.  Click on the link for a break down of each program.  IHDA DPA Programs Detail

Give me a call to discuss the program.  It's a great time to #closewithCarolyn!

Your Realtor Carolyn Barnes

773-505-2132

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Carolyn Barnes

After over 20 years of working to get first-time home buyers approved for the mortgage they deserve, Carolyn Barnes used her unique background to quickly become one of the most trusted real estate bro....

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