The IllinoisAssist program offers homebuyers a 30-year, fixed-rate mortgage and a three to seven percent cash grant based on the size of the loan for down payment and closing costs. The Illinois Housing Development Agency (IHDA) offers three mortgage products up to $10,000 under the IHDAccess programs. Each product offers down payment, closing cost assistance and 30-year fixed rate mortgages to qualified homebuyers. The differences between the three products are the amount of assistance provided and how the lien is treated.
To access these programs, interested homebuyers should contact a financial institution that participates. Local participating institutions include, but are not limited to:
- New America Funding
- Busey Bank
- CIBC Bank USA
- CIBM Bank
- First Midwest Bank
- First State Mortgage
- Flat Branch Home Loans
- Guaranteed Rate Mortgage
- Heartland Bank and Trust
- Hickory Point Bank and Trust
- Land Home Financial Services
- Marine Bank
- Midland States Bank
- Neighborhood Loans Inc
- Prime Lending
- Inland Bank and Trust
- Town and Country Banc Services
For more information on down payment assistance, see https://champaignil.gov/neighborhood-services/neighborhood-programs/