IHDA Access Deferred

What is IHDA Access Deferred?

IHDA Access Deferred is a deferred second loan for homebuyers in Illinois.

• IHDA Access Deferred provides up to $7,500 in deferred payment assistance for down payment and closing costs. No interest, no monthly payments; repaid when the home is sold, refinanced, or the loan is paid off. Available to eligible Illinois homebuyers through approved IHDA lenders.
• Up to $7,500 in deferred payment assistance for down payment and closing costs.
• 0% interest with no monthly payments.
• repayable only upon sale, refinance, or payoff of first mortgage.
• compatible with FHA, VA, USDA, and Conventional loans statewide.
• Funding comes from State.

How much assistance does it provide?

IHDA Access Deferred offers up to $7,500 in assistance.

• The program can be combined with other assistance, subject to the rules of each.
• Amounts are the program's published maximums, not an offer — the administering agency determines any individual award.

Do you have to pay it back?

IHDA Access Deferred is deferred, so no payments are due until the home is sold, refinanced, or the first mortgage is paid off.

• Repayment is triggered by Sale and Refinance.
• The assistance is recorded in 2nd Lien position.
• Forgiveness and repayment terms are set by the program and can change — confirm them on the official program page before applying.

Who qualifies?

IHDA Access Deferred is open to buyers who will live in the home as their primary residence.

What are the income limits?

IHDA Access Deferred limits household income to 80% of the area median income, which varies by county and household size.

• The limit applies to total household income, not only the borrower’s.
• Area median income figures are published by HUD and updated annually, so check the current table for the county before relying on a number.

What kind of home can it be used for?

IHDA Access Deferred caps the purchase price at $424,100.

• Eligible property types include Single Family, Condo, and Townhouse.

Where does it apply?

IHDA Access Deferred serves buyers purchasing anywhere in Illinois.

How do you apply?

Applications for IHDA Access Deferred go through the administering agency, which publishes the current terms and the application steps on its own site.

1. 1

   Take a homebuyer education course

   Required by the program before funds are reserved.

2. 2

   Contact the administering agency to reserve funds

   Funds are reserved through First-Come-First-Served, and are subject to availability.

3. 3

   Work with a lender who handles the program

   Hey Prescott is not a lender and does not accept applications; this page describes the program so a buyer can take it to a lender or housing counselor.