Hey there! If you're thinking of buying a home for the first time, and haven't saved up for a down payment, you still might be able to get it done.

Before I jump into the programs, let me briefly explain how down payment assistance works.

How it works

Down payment assistance comes in two forms: a grant, or a loan

A grant doesn't require repayment.

A loan does require repayment, but there are 3 different ways:

Monthly repayment. This is where they charge you interest and a monthly payment until the loan is paid off

Silent second. This is where they don't charge you interest, they don't charge you monthly payments, they just require that you pay it back when you sell the home.

Forgivable. This is where they forgive the loan as long as you meet certain criteria. A common requirement is that you live in the home as your primary residence for a set number of years. Once you've completed the timeframe, they forgive your loan and you don't need to pay it.

Approved lenders only

These programs can only be handled by approved lenders. If you would like help from a local realtor familiar with the programs and lenders with access, fill out this form here and I will connect you with one.

Now that we have that out of the way, let's jump in! Below are the local programs available to help make homeownership more accessible.

Illinois Housing Development Authority (IHDA) Access Programs

• What It Offers: Provides up to $10,000 in down payment and closing cost assistance.
• Who Qualifies: First-time and repeat homebuyers with a minimum credit score of 640.
• Income Limits: Varies by county and family size.
• Repayment: Some programs offer forgivable loans, while others require repayment over time.

Chicago Home Buyer Assistance Program

• What It Offers: Provides up to 7% of the total loan amount for down payment and closing costs.
• Who Qualifies: Homebuyers purchasing within the city of Chicago who meet income and credit requirements.
• Income Limits: Based on area median income (AMI).
• Repayment: Forgivable after a set period of time.

Cook County

• Down Payment Assistance Pilot Program: Launched in June 2024, this program provides subsidies of up to $25,000 or 5% of the home purchase price, whichever is less, to assist with down payments, closing costs, or mortgage buydowns. As of October 2024, the initial investment has been fully allocated, but county leaders are exploring additional funding opportunities.

Lake County

• Affordable Housing Corporation of Lake County: Offers down payment assistance programs to eligible homebuyers.

Will County

• Will County Center for Community Concerns: Offers down payment assistance programs to qualified individuals.

Kane County

• Kane County First-Time Homebuyer Loan Program: Provides up to $10,000 in assistance for first-time homebuyers.

Moline

• Homebuyer Down Payment/Closing Cost Assistance Program: Utilizes Community Development Block Grant (CDBG) funds to assist income-eligible households in purchasing homes within the city.

Normal

• Down Payment Assistance Program: Assists residents with down payment and closing costs.

Alton

• Homeownership Program: Provides between $3,000 and $5,000 in assistance to eligible homebuyers.

These programs can only be handled by approved lenders. If you would like help from a local realtor familiar with the programs and lenders, fill out this form here and I will connect you with one.