IHDAccess Deferred

What is 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.

How much assistance does it provide?

IHDAccess Deferred offers up to $7,500 in assistance.

• Buyer 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.

Do you have to pay it back?

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.

Who qualifies?

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

What are the income limits?

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.

What kind of home can it be used for?

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.

Where does it apply?

IHDAccess Deferred serves buyers 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.

How do you apply?

Applications for IHDAccess 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, through IHDA-approved HUD-certified homebuyer education (online or in-person; required for first-time homebuyers; recommended for all). See ihdamortgage.org/education..

2. 2

   Contact the administering agency to reserve funds

   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., 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.