Down Payment Assistance
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 — the IHDAccess programs — that can cover down payment and closing costs for eligible buyers, paired with an IHDA first mortgage on FHA, VA, USDA or conventional terms. Inside the city, Chicago-specific programs can add to that for eligible households.
Is this you?
- First-time buyers (and some repeat buyers in targeted areas)
- Households within IHDA income limits
- Buyers who qualify on income but are short on savings
- Anyone told “come back when you’ve saved more”
Mike · Branch Manager & Loan OfficerQuestions friends actually ask
How does down payment assistance work in Illinois?
IHDA offers assistance as a second loan alongside an IHDA first mortgage — IHDAccess Forgivable is forgiven over time, IHDAccess Deferred is repaid only when you sell or refinance, and IHDAccess Repayable carries a small monthly payment. Mike handles the pairing and tells you which version fits before you commit.
Do I have to be a first-time buyer to get assistance?
Not always. IHDA’s programs are open to first-time and repeat buyers alike, while some Chicago-specific programs are first-time-buyer only (typically defined as not owning in the last three years). Income and purchase price limits apply and vary by county.
Is down payment assistance a grant or a loan?
It’s typically a loan — but often a deferred one with no monthly payment, repaid only when you sell, refinance, or pay off the first mortgage. Mike 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 yet?
That is literally what Mike is for. One conversation, all your options side by side, zero pressure to move forward.
Applications happen on Fairway's secure site — never here.