Illinois IHDAccess Deferred Program Guide

Guide to the Illinois IHDAccess Deferred Program

The Illinois IHDAccess Deferred Program is designed to help first-time homebuyers and qualifying individuals in Illinois by offering deferred down payment assistance. This program reduces the financial barriers to homeownership by providing a deferred loan that does not require repayment unless the home is sold or refinanced. For 2025, the program continues to offer updated eligibility criteria and financial support to make purchasing a home in Illinois more affordable. Below is a guide to understanding the IHDAccess Deferred Program, including eligibility requirements, benefits, and how to apply.

1. Program Overview:

• Purpose: The IHDAccess Deferred Program provides down payment assistance to eligible homebuyers in Illinois. The assistance is offered as a deferred loan, meaning it does not need to be repaid immediately, making it a valuable option for those with limited upfront funds.
• Assistance Amount: Qualified buyers can receive up to $6,000 in down payment assistance, which can be used to cover the initial costs of purchasing a home.
• Deferred Loan Terms: The assistance is provided as a deferred loan, meaning there are no monthly payments required. The loan is due upon the sale, refinancing, or transfer of the property, making it easier for homebuyers to manage their finances while owning their home.

2. Eligibility Requirements for 2025:

To qualify for the Illinois IHDAccess Deferred Program, applicants must meet the following criteria:

• First-Time Homebuyer: This program is available to first-time homebuyers, generally defined as individuals who have not owned a home in the past three years. Certain exceptions may apply, such as for veterans or those purchasing in underserved areas.
• Income Limits: Applicants’ household income must be below specific limits, which are based on the area median income (AMI) for the county in which the home is located. These limits are adjusted annually to reflect local housing market conditions.
• Credit Score: A minimum credit score of 640 is required to apply for the program. However, some flexibility may be granted based on other factors, such as the applicant’s overall financial situation and history.
• Property Requirements: The home must be located in Illinois and must be used as the applicant’s primary residence. The property must also meet the program’s price limits to ensure it remains affordable for eligible buyers.
• Homebuyer Education: All applicants must complete an approved homebuyer education course. This ensures that homebuyers understand the responsibilities of owning a home and are well-prepared for the financial aspects of homeownership.

3. How to Apply:

To apply for the Illinois IHDAccess Deferred Program, follow these steps:

• Assigned Loan Officer: Upon expressing interest in the program, you will be assigned a loan officer who will guide you through the application process. The loan officer will verify your eligibility, assist with gathering necessary documents, and provide answers to any questions you may have.
• Required Documentation: Be prepared to provide documentation such as proof of income, tax returns, credit reports, and a certificate of completion for the homebuyer education course.
• Submit Your Application: Once you have gathered the required documentation, submit your application to your loan officer. The loan officer will review the materials and guide you through the next steps, ensuring all requirements are met for approval.

4. Homebuyer Education Course:

• Mandatory Requirement: All applicants must complete an approved homebuyer education course. This course covers essential topics such as mortgage management, budgeting, and home maintenance, helping you prepare for the responsibilities of homeownership.
• Course Availability: The course is available both online and in-person, allowing you to choose the format that fits your schedule. Upon completion, you will receive a certificate that must be submitted as part of your application.

5. Down Payment Assistance Details:

• Assistance Amount: The Illinois IHDAccess Deferred Program provides up to $6,000 in down payment assistance, helping reduce the initial cost of purchasing a home.
• Deferred Loan Terms: The assistance is provided as a deferred loan, meaning there are no monthly payments required. The loan is repaid only if the home is sold, refinanced, or transferred. If you stay in the home for the duration of the loan, no payments will be required, and the loan may be forgiven.

6. Finalizing the Loan:

• Approval Process: Once your application is reviewed and approved, your loan officer will assist you in finalizing the loan. This includes reviewing the terms, signing the loan documents, and preparing for the closing process.
• Closing Costs: While the Illinois IHDAccess Deferred Program covers down payment assistance, you may still be responsible for other closing costs. Your loan officer will provide a breakdown of all costs involved and clarify which fees are covered by the program and which you are responsible for.

Our dedicated loan officers are here to guide you through every step of the Illinois IHDAccess Deferred Program. From application to closing, they will help ensure you understand all aspects of the process and provide support at each stage. With their assistance, you can confidently take advantage of this down payment assistance program and move forward with homeownership in Illinois.