Illinois Access Forgivable
Illinois Housing Development Authority offers Access Forgivable to home buyers in Illinois: up to 4% of the price, at most $6,000, as a forgivable loan.
- Amount
- Up to 4% of the price, at most $6,000
- Kind of help
- Forgivable loan
- First-time buyers only
- No
- Credit score
- 640 or higher
How is Illinois Access Forgivable paid back?
Forgivable loan: forgiven a little each month over 10 years, so you do not have to repay it.
A forgivable loan is written off once you have kept the home and its first mortgage for the years the program sets.
Who qualifies for Illinois Access Forgivable?
- Varies by county and household size.
- You don't have to be a first-time buyer.
- A credit score of 640 or higher.
- A homebuyer education course before you buy.
- It comes with an IHDA 30-year fixed-rate mortgage: FHA, VA, USDA, FNMA HFA Preferred or FHLMC HFA Advantage.
The exact income limit for your county and household size is on the agency's income chart. Our HUD income limits lookup shows your area's median income.
How to apply for Illinois Access Forgivable
- Illinois Housing Development Authority pays this help out through its approved lenders, so you apply with one of them, together with your home loan.
- The lender checks your income, credit and the home against the program's rules and reserves the money for you.
- The help is paid at closing, toward your down payment and closing costs.
Read the full rules and whether it is taking applications on Illinois Housing Development Authority's page for Access Forgivable, or pick a lender from the agency's list of participating lenders.
Ask 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.
Rather not call? Send your details and the lender will reach you.
Other first-time buyer programs in Illinois
- Illinois Access Home: up to 6% of the price, at most $15,000, deferred loan.
- Illinois Access Deferred: up to 5% of the price, at most $7,500, deferred loan.
- Illinois Access Repayable: up to 10% of the price, at most $10,000, repayable loan.
- Illinois Opening Doors (Abriendo Puertas): up to $6,000, forgivable loan.
All Illinois first-time home buyer programs · Down payment assistance in every state