Illinois IHDAccess Forgivable Program Guide

Guide to the Illinois IHDAccess Forgivable Program

The Illinois IHDAccess Forgivable Program is designed to help qualified homebuyers in Illinois with down payments and closing costs by providing forgivable financial assistance. This program offers a substantial opportunity for first-time homebuyers and those with limited financial resources. For 2025, the program continues to provide affordable homeownership solutions. Below is an overview of the IHDAccess Forgivable Program, including eligibility, benefits, and how to apply.

1. Program Overview:

• Purpose: The Illinois IHDAccess Forgivable Program provides financial support to first-time homebuyers, assisting them with down payments and closing costs. The program’s forgivable nature makes it a great option for those looking to reduce their initial homebuying expenses.
• Assistance Amount: Eligible buyers can receive up to $6,000 in down payment assistance. This support helps make the home buying process more affordable by covering a portion of the upfront costs.
• Forgiveness Terms: The assistance provided is a forgivable loan. After living in the home for five years, the loan is fully forgiven, meaning no repayment is required if the homeowner meets the program’s conditions.

2. Eligibility Requirements for 2025:

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

• First-Time Homebuyer: This program is intended for first-time homebuyers. A first-time homebuyer is typically someone who has not owned a home in the last three years. Some exceptions may apply for veterans or other specific circumstances.
• Income Limits: The applicant’s household income must be below a certain threshold, which is determined by the area median income (AMI) of the county where the home is located. These limits are updated annually.
• Credit Score: A minimum credit score of 640 is required to qualify for the program. The program’s guidelines may allow for some flexibility based on other factors, such as the applicant’s financial history.
• Property Requirements: The home must be the applicant’s primary residence and must be located in Illinois. Additionally, the home must meet the program’s price limits, ensuring it remains affordable to the homebuyer.
• Homebuyer Education: All applicants must complete an approved homebuyer education course. This ensures that applicants are well-prepared for homeownership and understand the financial commitments involved.

3. How to Apply:

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

• Assigned Loan Officer: Once you express interest in the program, a loan officer will be assigned to assist you. The loan officer will guide you through the application process, verifying your eligibility and collecting the necessary documents.
• Required Documentation: Be ready to provide documentation such as proof of income, tax returns, credit reports, and the certificate of completion for your homebuyer education course.
• Submit Your Application: After gathering your documents, submit your completed application to your loan officer. They will review your application, verify your eligibility, and guide you through the next steps.

4. Homebuyer Education Course:

• Mandatory Requirement: All applicants must complete an approved homebuyer education course. This course will provide valuable information on budgeting, managing mortgage payments, and maintaining your home.
• Course Availability: The course is available online and in-person. You will receive a certificate upon completion, which is required for the program application.

5. Down Payment Assistance Details:

• Assistance Amount: The Illinois IHDAccess Forgivable Program provides up to $6,000 in down payment assistance. This assistance is available to help reduce the financial burden of purchasing a home, making homeownership more accessible for qualified buyers.
• Forgivable Loan: The assistance provided is structured as a forgivable loan. This means that, if the homeowner remains in the property for five years, the loan will be forgiven in full, and no repayment will be required.
• Repayment Terms: If the homeowner sells, refinances, or vacates the property within the five-year period, the loan will need to be repaid, typically as part of the sale proceeds.

6. Finalizing the Loan:

• Approval Process: After your application is processed and approved, your loan officer will help you complete the final steps, including reviewing and signing the loan documents.
• Closing Costs: While the program helps with down payment assistance, you may still be responsible for other closing costs. Your loan officer will provide a detailed breakdown of the costs involved and assist with any additional questions.

Our dedicated loan officers are here to guide you through every step of the Illinois IHDAccess Forgivable Program. From application to closing, they will ensure you understand the process, your options, and the benefits of receiving down payment assistance. With their support, you can confidently move forward with purchasing your home and taking advantage of the forgivable assistance provided by this program.