Access 5% Program

 in Housing / Illinois Housing Development Authority (IHDA) by
  • Illinois Housing Development Authority
  • 111 E. Wacker Drive, Suite 1000
  • Chicago, Illinois, 60601
  • 1-877-456-2656
  • Email: mortgage@ihda.org
  • Website Link: 

Purpose of the Program

To assist homebuyers with down payment and/or closing costs associated with purchasing a home in the State of Illinois. The program is designed to increase home purchase accessibility for qualified households across Illinois, first-time and non first time homebuyers, by offering a repayable 2nd mortgage of 5% of the purchase price (up to $7,500) in down payment and/or closing cost assistance with a 30-year fixed-rate 1st mortgage. Repayment will be deferred for 30 years, unless repaid sooner, or in the event of a refinance or sale of the property, at which time the 2nd mortgage will become due.

Who is Eligible

  • Borrowers can be a first-time homebuyer or non first-time homebuyer in Illinois.
  • Borrower’s income and property purchase price must be at or below the IHDA limits of the county in which the property is located
  • Minimum credit score is 640 for all loan types
  • FHA, VA, USDA, FNMA HFA Preferred, FHLMC HFA Advantage only
  • Maximum total debt-to-income (back end) ratio of 45.00% for all loan types
  • IHDA income and property purchase price limits apply
  • Property must be a qualified single-family dwelling (this includes condos, townhomes, and 2-units as allowed by Agency)
  • Pre-purchase homeownership counseling is required for each borrower prior to close
  • No manufactured homes

Application Deadline

Applications are rolling until funds are exhausted.

Application Process

All borrowers must apply with an IHDA approved lender.

For more information, please go to https://www.ihdamortgage.org/ or contact IHDA at mortgage@ihda.org

Availability of Funds

Assistance is limited to 5% of the purchase price up to $7,500.

How Funds are to be used

The funds provided are in the form of a deferred 2nd mortgage for an owner occupied, primary residence purchase. The DPA 2nd is required to be used in conjunction with an IHDA 30-year fixed rate 1st mortgage.

Types of Assistance

Loans