The Illinois Housing Development Authority provides first time homebuyers acquisition assistance and can receive up to $10,000 for down payment and in addition up to $2,000 in closing cost assistance, for a total of $12,000 to help with the purchase of their first home. This Illinois first time home buyer grant comes in the form of a deferred, forgivable loan at zero-percent interest.
- Household income must be at or below 80 percent of the AMI
- Homebuyer participants must occupy the property as their principal residence
- Homebuyer must contribute at least $1,000 to the purchase
- Homebuyer is required to attend first-time homebuyer counseling
The $12,000 grant is initially a zero-interest, deferred payment loan, meaning you don’t have any payments and interest does not accrue. This loan is forgiven over a 5 year period, so if you remain in your home for 5 years or longer, the “loan” balance is wiped clean and you’ll never have to pay it back.
To find out more about this grant program, visit the IHDA webpage here.
To contact the IHDA directly:
General Homeowner Inquiries
Illinois Housing Development Authority
Phone: (877) 456-2656 FREE
Fax: (312) 832-2195
Illinois First Time Home Buyer Grants