Illinois Access Forgivable
Illinois Housing Development Authority offers Access Forgivable to home buyers in Illinois: as much as 4% of the price, capped at $6,000, as a forgivable loan.
- Amount
- As much as 4% of the price, capped at $6,000
- Help type
- A loan that can be forgiven
- Only first-time buyers
- No
- Your credit score
- At least 640
How do you repay Illinois Access Forgivable?
The loan is forgiven bit by bit each month over 10 years, so you won't have to pay it back.
The loan is written off once you've kept the home and held its first mortgage for as long as the program requires.
Who can get Illinois Access Forgivable?
- It depends on your county and household size.
- Being a first-time buyer isn't required.
- You need a credit score of at least 640.
- Before you buy, take a homebuyer education course.
- An IHDA 30-year fixed-rate mortgage is part of it, and FHA, VA, USDA, FNMA HFA Preferred or FHLMC HFA Advantage are the choices.
Use the agency's income chart to see the exact income limit set for your county, based on household size. Use our HUD income limits tool to see the median income in your area.
Applying for Illinois Access Forgivable
- Approved lenders send this help from Illinois Housing Development Authority, so you apply through one lender with your home loan.
- A lender compares your income, credit and home with the program rules, then sets aside the money for you.
- At closing, the money is paid toward your closing costs and down payment.
Get the full rules and current application status at Illinois Housing Development Authority's page for Access Forgivable; the agency's lender list helps you choose one.
Talk to a lender about Illinois Access Forgivable
Tell us where you're buying and a lender that works with Illinois's programs can tell you whether Illinois Access Forgivable fits you, and what you could combine with it.
Prefer not to call? Share your information and the lender will be in touch.
More first-time buyer programs in Illinois
- Illinois Access Home:
This deferred loan equals 6% of the price at most, never above $15,000.
- Illinois Access Deferred:
This deferred loan equals 5% of the price at most, never above $7,500.
- Illinois Access Repayable:
This repayable loan equals 10% of the price at most, never above $10,000.
- Illinois Opening Doors (Abriendo Puertas):
A forgivable loan of up to $6,000.
Every Illinois first-time home buyer program · Down payment help in every state