💰 Down Payment Assistance
The money most buyers never claim
Every year, down payment assistance goes unused because buyers don’t know it exists. The Illinois Housing Development Authority (IHDA) offers forgivable, deferred and repayable second loans that can cover down payment and closing costs for qualified buyers — paired with FHA, VA, USDA, and conventional first mortgages. Income and purchase-price limits apply.
Is this you?
Down Payment Assistance tend to be a great fit for…
- First-time buyers (and some repeat buyers in targeted areas)
- Households within IHDA income and purchase-price limits
- Buyers who qualify on income but are short on savings
- Anyone told “come back when you’ve saved more”
- Buyers inside Chicago city limits, who may also qualify for the City’s HomeGrown Purchase Assistance grant
Questions friends actually ask
Down Payment Assistance: straight answers
How does down payment assistance work in Illinois?
IHDA offers assistance as a second loan alongside your mortgage. IHDAccess Forgivable is forgiven over 10 years; IHDAccess Deferred and the newer IHDAccess Home are 0% deferred loans repaid when you sell, refinance or pay off the first mortgage; IHDAccess Repayable carries a small monthly payment at 0% interest. Arthur handles the pairing with your first mortgage.
Do I have to be a first-time buyer to get assistance?
Not always. IHDAccess Forgivable, Deferred and Repayable are open to first-time and repeat buyers who will occupy the home as a primary residence; IHDAccess Home is generally for first-time buyers, with exemptions for eligible veterans and targeted areas. Income and purchase-price limits apply and vary by county, and homebuyer education is required.
Is down payment assistance free money or a loan?
It’s a loan, not a grant — but depending on the program it may be forgiven over time or deferred with no monthly payment, repaid only when you sell, refinance, or pay off the first mortgage. Arthur will walk you through exactly what your version costs, in plain English, before you commit.
Keep exploring
Conventional Loans
The workhorse of home financing — flexible terms, competitive costs, and down payments as low as 3% for first-time buyers.
Learn more →FHA Loans
The first-time buyer favorite — 3.5% down, friendlier credit requirements, and forgiving guidelines for real-life finances.
Learn more →VA Loans
For those who served — $0 down, no monthly mortgage insurance, and some of the strongest terms in all of lending.
Learn more →Not sure if down payment assistance are right for you?
That’s literally what Arthur is for. One conversation, all your options side by side, zero pressure to move forward.