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.

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.

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.

IHDA Access Deferred is open to homebuyers who will live in the home as their primary residence. The program lists a minimum credit score of 640. A homebuyer education course is required. Residency requirement: No Requirement. Citizenship or immigration status: U.S. Citizen or Permanent Resident.

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.

IHDA Access Deferred caps the purchase price at $424,100. Eligible property types include Single Family, Condo, and Townhouse.

IHDA Access Deferred serves homebuyers purchasing anywhere in Illinois.

Applications for IHDA Access Deferred go through the administering agency, which publishes the current terms and the application steps on its own site. Funds are reserved through First-Come-First-Served. Hey Prescott is not a lender and does not accept applications; this page describes the program so a homebuyer can take it to a lender or housing counselor.