Down Payment Assistance

IHDA Access Deferred Mortgage

Are you concerned about saving for the down payment? Illinois Housing Authority Access Deferred Program offers down payment assistance for down payment and closing costs.

  • Up to $7,500 in assistance for down payment & closing costs offered as an interest-free loan, deferred for the life of your mortgage – you don’t need to repay until you sell your house, refinance, or pay off your mortgage
  • All Illinois counties are eligble
  • 640 minimum credit score
  • Your maximum contribution is $1,000
  • 30-year fixed rate mortgage with a competitive interest rate
IHDA Access Repayable Program

Illinois Housing Authority Access Repayable Program offers down payment assistance for down payment and closing costs.

  • Up to $10,000 assistance for down payment & closing costs offered as an interest-free loan repaid monthly over a 10 year period
  • All Illinois counties are eligible
  • 640 minimum credit score
  • Your maximum contribution is $1,000
  • 30-year fixed rate mortgage with a competitive interest rate
  • New construction is allowed
Illinois Housing Development Authority Forgivable Mortgage

Illinois Housing Authority Access Forgivable Program offers down payment assistance for down payment and closing costs.

  • Up to $6,000 assistance for down payment & closing costs in assistance for down payment & closing costs, forgiven monthly over 10 years – it’s a gift that does not have to be repaid.
  • All Illinois counties are eligible
  • 640 minimum credit score
  • Your maximum contribution is $1,000
  • 30-year fixed rate mortgage with a competitive interest rate
  • Available to first-time and repeat homebuyers

Chicago First Home Buyer Programs

There are some great low down payment mortgage programs such as HomeReady and FHA which allows you to use down payment assistance for the down payment and closing costs.

Rents are skyrocketing throughout the Chicagoland area with average rent for a one bedroom apartment hovering around $1,700 a month. We know paying a hefty rent every month makes it difficult to save money for a down payment but don't let lack of down payment funds stand in the way of you becoming a homeowner. We can help making the dream of owning a home a reality.

Home Ready Loan Program

Home Ready Program

Fannie Mae conventional loan which makes buying a home more affordable for first time home buyers.

  • 3% Down Payment
  • Down Payment Assistance available
  • Flexible Qualifying Guidelines
FHA Home Loans

FHA Loan

Government loan program which assists buyers to purchase a home with less-than-perfect credit.

  • 3.5% Down Payment
  • Down Payment Assistance Eligible
  • 580 minimum credit score
Home One Program

HomeOne Program

Loan program with flexible credit qualification guidelines and no income or geographic restrictions.

  • 3% Down Payment
  • Down Payment Assistance Available
  • No minimum credit score
USDA Home Loan Program

USDA Home Loan

Program for first home buyers looking to buy a house in small town or rural area.

  • Zero Down Payment
  • 600 minimum credit score
  • Seller can pay closing costs
VA Home Loans

VA Loan

Government loan program which assists members of military to purchase a home.

  • Zero Down Payment
  • 550 minimum credit score
  • Low 30 Year Fixed Rate Mortgage
Good Neighbor Next Door Program

Good Neighbor Next Door

Law enforcement officers, firefighters, Emergency Medical Technicans (EMTs), and Teachers are eligible to purchase HUD REO properties only, in revitalization areas, at up to 50% off the sales price.

  • $100 minimum down payment
  • 620 minimum credit score

Resources & Tools

Mortgage Calculators

Calculate loan payments, determine if it better to rent or buy, find out your price range, and figure out your debt ratios to see what programs you may qualify for.

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Ultimate First Time Home Buyer Guide

10 Steps To Buying Your First Home

We will guide you through the home buying process, assist you with financing, and connect you to a Realtor to Find the Perfect Home.

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