$15k in First-Time Buyer Assistance for Illinois Buyers!

Illinois Housing Development Authority (IHDA) Loans are back at UHL and better than ever for first-time buyers! Introducing the IHDA’s Access Home program. 

New for First-Time Buyers 

Unlike other IHDA programs, Access Home is exclusively for first-time buyers. This means significantly greater assistance for the buyers who need it most, with additional incentives in the areas where homeownership is needed the most. Illinois buyers could be eligible to receive 6% of the purchase price, up to $15,000, to cover upfront costs. 

When is it repaid? 

Simple! When the house is sold, refinanced, or at the end of the 30-year term. No monthly payments required. 

Are there limitations? 

There are income and purchase price limits; however, they provide plenty of room to cover the average first-time homebuyer. For example, households of 1-2 people in Chicago could qualify with a yearly income as high as $143,880 and a purchase price up to $665,173. To see if you qualify and the purchase price limits in your area, visit the IHDA website for lookup tools. 

More and More 

Did you know the IHDA provides more assistance programs than just Access Home? Check out our latest article on IHDA Access Repayable, with higher income limits and availability to more buyers!