IHDA Access Forgivable

IHDA Access Forgivable is a forgivable loan for homebuyers in Illinois. IHDA Access Forgivable provides up to $6,000 in forgivable assistance for down payment and closing costs. The loan is forgiven over 10 years with no interest and no monthly payments. Available statewide in Illinois through approved IHDA lenders for eligible homebuyers. Up to $6,000 in forgivable down payment and closing cost assistance. forgiven over 10 years with no monthly payments required. compatible with FHA, VA, USDA, and Conventional loans. must be used with an IHDA first mortgage. Funding comes from State.

IHDA Access Forgivable offers up to $6,000 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 Forgivable is forgiven after 10 years, so a homebuyer who stays that long does not repay it. Repayment is triggered by Sale and No Longer Primary. 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 Forgivable is open to first-time homebuyers and homebuyers who will live in the home as their primary residence. "First-time homebuyer" usually means not having owned a home in the last three years, but the program sets its own definition. 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 Forgivable 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 Forgivable caps the purchase price at $424,100. Eligible property types include Single Family, Condo, and Townhouse.

IHDA Access Forgivable serves homebuyers purchasing anywhere in Illinois.

Applications for IHDA Access Forgivable 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.