Down Payment Assistance $$$$ For Buyers Up To $10K

Blog Post Image
Real Estate

What Sort of Down Payment Assistance Is Available in Illinois?

The 4% up to $6,000 available with Access Forgivable is a forgivable loan. The borrower does NOT need to pay it back, as long as they live in the home for ten years. If they sell or refinance the home within the first ten years, a portion of the down payment will need to be paid back to IHDA.

*The 5% up to $7,500 available with Access Deferred is a deferred loan. The borrower will be required to repay the funds at maturity of the 1st mortgage, unless repaid sooner, or in the event of a refinance sale.

*The 10% up to $10,000 available with Access Repayable is a repayable loan. The borrower will be required to repay the funds. The payment terms are 0% interest, repaid over 10 years. The $7,500 available with 1stHomeIllinois is a forgivable loan. The borrower does NOT need to pay it back, as long as the live in the home for 5 years. If they sell or refinance the home within the first 5 years, a portion of the down payment will need to be paid back to IHDA.

More Information HERE