Illinois Gov. JB Pritzker unveiled a $15 million homebuyer program designed to help increase home purchase accessibility for low- and moderate-income individuals, families and seniors.
The new HFA1 program is administered by the Illinois Housing Development Authority (IHDA) and is expected to assist more than 1,500 new homebuyers. Under Illinois HFA1, IHDA will provide a 30-year first mortgage with a fixed interest rate and $10,000 in down payment and/or closing cost assistance. The down payment assistance is provided as an interest-free second mortgage with payments deferred for 30-years.
Illinois HFA1 is not exclusive to first-time buyers, and in some circumstances the program can be used in conjunction with other down payment assistance programs to increase homebuyer leverage.
“Every individual, family, and senior in Illinois deserves to have a stable and safe home,” said Pritzker. “That’s why my administration is ensuring that homeownership is accessible and attainable for every resident. Through Illinois HFA1, we’ll be able to support a new generation of homebuyers and set them up for long-term financial success.”
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