Illinois IHDAccess Forgivable Checklist

A step-by-step checklist for consumers applying for the Illinois IHDAccess Forgivable Program in 2025.

Confirm Your Eligibility

Ensure your household income falls within the program’s limits, which vary based on county and family size.
Verify that your credit score meets the program’s minimum requirement, typically 640 or higher. Additional conditions may be clarified by your assigned Loan Officer.
Confirm that the property you plan to purchase is within the program’s price limits and will serve as your primary residence.
Check if you meet any additional eligibility criteria, such as being a first-time homebuyer or purchasing in a targeted area.

Collect proof of income, such as recent pay stubs, W-2 forms, or other verification of earnings.
Gather your tax returns for the past two years, including all schedules and attachments.
Obtain recent bank statements for the last two to three months for all financial accounts.
Prepare property details, including the address, purchase agreement, and sale price.
Compile any additional documents requested by your Loan Officer, such as verification of debts, liabilities, or proof of assets.

Your assigned Loan Officer will guide you through the Illinois IHDAccess Forgivable Program application process.
Schedule a meeting or phone call with your Loan Officer to confirm eligibility, review program requirements, and outline the steps necessary for application completion.
Ask questions about program benefits, required documentation, or approval timelines.
Follow your Loan Officer’s instructions to gather and submit all required materials promptly and accurately.

Collaborate with your Loan Officer to accurately complete your application for the IHDAccess Forgivable Program.
Submit all required documents to verify your eligibility for the program.
Review the application with your Loan Officer to ensure all information is complete and free of errors before submission.
If necessary, attend a homebuyer education course to fulfill program requirements.

Sign all required documents provided by your Loan Officer to secure your participation in the program.
Prepare for any additional costs not included in the program benefits, such as closing fees or prepaid items.
Receive confirmation of your enrollment and detailed instructions on how the forgivable assistance will be applied to your down payment or closing costs.

Ensure that the purchased property remains your primary residence for the required duration to qualify for the forgivable loan benefits.
Notify your Loan Officer immediately if you plan to sell, refinance, or make changes to your mortgage, as these actions may affect your program benefits.
Stay informed about program requirements or updates to maintain compliance and retain your assistance benefits.