💰 Down Payment Assistance
The money most buyers never claim
Every year, down payment assistance goes unused because buyers don’t know it exists. The Illinois Housing Development Authority (IHDA) offers assistance that can cover down payment and closing costs for eligible buyers — structured as forgivable, deferred, or repayable second loans, and paired with FHA, VA, USDA, or conventional first mortgages. Income and purchase-price limits apply.
Is this you?
Down Payment Assistance tend to be a great fit for…
- First-time buyers and, for some programs, repeat buyers too
- Households within IHDA income and purchase-price limits for their county
- Buyers who qualify on income but are short on savings
- Anyone told “come back when you’ve saved more”
Questions buyers actually ask
Down Payment Assistance: straight answers
How does down payment assistance work in Illinois?
IHDA offers assistance as a second loan alongside your mortgage. Depending on the program, it may be forgiven over time, deferred until you sell or refinance, or repaid monthly. Eddie is experienced with these programs and handles the pairing for you.
Do I have to be a first-time buyer to get assistance?
Not always. Some IHDA programs are open to repeat buyers as well as first-time buyers. Income and purchase-price limits apply and vary by county, and a homebuyer education course is typically required.
Is down payment assistance free money or a loan?
It’s a loan — sometimes forgivable, sometimes deferred with no monthly payment, sometimes repaid monthly. Eddie walks you through exactly what your version costs, in plain English (or Spanish), before you commit.
Keep exploring
Conventional Loans
The workhorse of home financing — flexible terms, competitive costs, and down payments as low as 3% for first-time buyers.
Learn more →FHA Loans
The first-time buyer favorite — 3.5% down, friendlier credit requirements, and forgiving guidelines for real-life finances.
Learn more →VA Loans
For those who served — $0 down, no monthly mortgage insurance, and some of the strongest terms in all of lending.
Learn more →Not sure if down payment assistance are right for you?
That’s literally what Eddie is for. One conversation, all your options side by side, zero pressure to move forward.