IHDA Access Forgivable

What is 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.

How much assistance does it provide?

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.

Do you have to pay it back?

IHDA Access Forgivable is forgiven after 10 years, so a buyer 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.

Who qualifies?

IHDA Access Forgivable is open to first-time homebuyers and buyers who will live in the home as their primary residence.

What are the income limits?

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.

What kind of home can it be used for?

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

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

Where does it apply?

IHDA Access Forgivable serves buyers purchasing anywhere in Illinois.

How do you apply?

Applications for IHDA Access Forgivable 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.