IHDAccess Deferred

IHDAccess Deferred is a deferred second loan for homebuyers in Statewide, Illinois. IHDAccess Deferred is one of three IHDA Mortgage DPA tiers, providing 5% of the purchase price up to $7,500 as a 0% interest deferred second mortgage. No monthly payments; full balance due only on sale, refinance, first-mortgage payoff, or second-mortgage maturity. Paired with a 30-year fixed-rate IHDA first mortgage (FHA/VA/USDA/Conventional). Available to first-time and repeat homebuyers statewide; 640 minimum FICO; 1% borrower contribution; county-specific income & purchase price limits. 5% of the purchase price up to $7,500 in down payment and closing-cost assistance, structured as a 0% interest deferred second mortgage with NO monthly payments. The full principal balance is due only when the home is sold, refinanced, the first mortgage is paid off, or the second mortgage matures (i.e., deferred for the life of the first mortgage). Paired with an IHDA 30-year fixed-rate first mortgage (FHA/VA/USDA/Conventional). Available to first-time AND repeat homebuyers in all 102 Illinois counties. Funding comes from State, HFA, and Bond.

IHDAccess Deferred offers up to $7,500 in assistance. Homebuyer contribution: Borrower must contribute $1,000 or 1% of purchase price, whichever is greater. Amounts are the program's published maximums, not an offer — the administering agency determines any individual award.

IHDAccess 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 Deferred for life of first mortgage and balance due in full at sale, refinance, first-mortgage payoff, transfer of title, or non-owner-occupancy. 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.

IHDAccess Deferred is open to homebuyers who will live in the home as their primary residence. On credit, the program states: Minimum 640 FICO across all loan products. A homebuyer education course is required, through IHDA-approved HUD-certified homebuyer education (online or in-person; required for first-time homebuyers; recommended for all). See ihdamortgage.org/education. Residency requirement: Property must be located in Illinois and used as borrower's primary residence. Citizenship or immigration status: U.S. citizen or qualifying permanent/non-permanent resident alien per IHDA product overlays. Borrower must contribute $1,000 or 1% of purchase price (whichever is greater) of own funds. Minimum 640 FICO. Property must be primary residence. Household income at or below IHDA county-by-county limits (top tier ~$158,880 by household size; varies by county). Purchase price at or below IHDA county-specific limit (e.g., ~$610,939 for 1-unit in Cook/DuPage/Kane/Lake/McHenry/Will). First-time homebuyers must complete an IHDA-approved homebuyer education course prior to closing. Standard IHDA underwriting overlays apply to first mortgage product (FHA/VA/USDA/Conventional).

IHDAccess Deferred limits household income to $158,880. 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.

IHDAccess Deferred caps the purchase price at $951,665. Eligible property types include Single-family detached, 1-4 unit (per first-mortgage product), condominium, townhouse, PUD. New construction is eligible. Manufactured homes are not eligible.

IHDAccess Deferred serves homebuyers purchasing in Statewide, Illinois. The program targets specific areas: IHDA designates federally qualified target areas (typically lower-income census tracts) where first-time-homebuyer rule and income limits are relaxed; see IHDA target-area maps.

Applications for IHDAccess Deferred go through the administering agency, which publishes the current terms and the application steps on its own site. Funds are reserved through IHDA-approved lender reserves funds via IHDA Mortgage's Loan Origination System (LOS) at time of loan reservation; subject to bond/program funding availability. 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.