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Take advantage of the following mortgage loan programs for those with less than a 20% down payment:

Freddie Mac Home Possible

• Conventional fixed rate mortgage
• 3% down payment (may be gift funds, your own funds, or acceptable secondary financing source)
• Non-occupant borrower(s) are allowed in certain situations
• Borrower(s) are allowed to have ownership in another property at the time of closing
• Secondary financing may now include HELOCs for TLTV ≤ 97%
• Income limits may not exceed 100% of the area median income (not applicable if property is located in an underserved area)
• Lower mortgage insurance premium

Freddie Mac HomeOne

• Conventional fixed rate mortgage
• 3% down payment (may be gift funds, your own funds, or acceptable secondary financing source)
• Occupant borrowers only
• At least one borrower must be a first-time homebuyer
• No geographic or income limits
• Homebuyer education required for purchase transactions if all borrowers are first-time homebuyers

Downpayment Plus (DPP®) Grant

• Up to $6,000 per qualifying household
• Must contribute at least $1,000 from borrower’s own personal funds
• Borrower receives a match of $3 in grant funds for every $1 in contributed personal funds ($1,000 borrower contribution = $3,000 in grant funds; $1,500 borrower contribution = $4,500 in grant funds; $2,000 borrower contribution = $6,000 in grant funds)
• Income limits apply per county HUD guidelines
• Not limited to first-time homebuyers

FHA (Federal Housing Administration)

• 3.5% down payment (may be gift funds, your own funds, or acceptable secondary financing source)
• No minimum loan amount
• Maximum loan amount for most Illinois counties: $271,050 (higher limits available for some northern counties)
• Not limited to first-time homebuyers

IHDA Access Forgivable (Illinois Housing Development Authority)

• 1% (or $1,000, whichever is greater) minimum borrower contribution (gift funds acceptable)
• 4% of the purchase price ($6,000 maximum) down payment/closing cost assistance
• Grant funds forgiven monthly over 10 years
• 30-year, fixed rate mortgage with affordable interest rate
• Available to first-time and repeat homebuyers statewide
• Minimum 640 credit score
• Income and purchase price limits apply

IHDA Access Deferred (Illinois Housing Development Authority)

• 1% (or $1,000, whichever is greater) minimum borrower contribution (gift funds acceptable)
• 5% of the purchase price ($7,500 maximum) down payment/closing cost assistance
• Assistance offered as interest-free loan deferred for life of mortgage (repayment required at home sale, refinance, or loan payoff)
• 30-year, fixed rate mortgage with affordable interest rate
• Available to first-time and repeat homebuyers statewide
• Minimum 640 credit score
• Income and purchase price limits apply

IHDA Access Repayable (Illinois Housing Development Authority)

• 1% (or $1,000, whichever is greater) minimum borrower contribution (gift funds acceptable)
• 10% of the purchase price ($10,000 maximum) down payment/closing cost assistance
• Assistance offered as interest-free loan repaid monthly over 10 years
• 30-year, fixed rate mortgage with affordable interest rate
• Available to first-time and repeat homebuyers statewide
• Minimum 640 credit score
• Income and purchase price limits apply

Rural Development

• 100% financing, no down payment
• Competitive fixed interest rate
• Generous income limits (per county guidelines)
• No maximum purchase price
• May allow eligible gift and/or grant programs
• Not limited to first-time homebuyers

Illinois ASSIST Home Ownership Grant

• Fully forgivable grant
• No second mortgage, deed restriction, lien, or retention agreement required
• May be combined with Down Payment Plus grant
• Available to all potential borrowers
• Minimum credit score 640
• Available grant amount is 2%-5% of loan amount
• Loan programs include USDA, FHA, and Freddie Mac HFA Advantage
• Income limits apply and are based on the county of purchase