IllinoisDPA
Down Payment Assistance Program
Designed to increase homeownership opportunities for low-to-moderate income individuals & families by offering down payment and closing cost assistance to homebuyers in Illinois.
IllinoisDPA Advantage
Down Payment Assistance
Offers up to 4% for your down payment and closing costs, making homeownership more affordable.
IllinoisDPA Loan Requirements
Here’s what you’ll need to get started.
- Credit Score Minimum credit score of 620
- Purchase Price No purchase price limits
- Debt-to-income ratio AUS Approval
- Occupancy required Within 60 days of closing
- Homebuyer Education Informative course required for First-Time Homebuyers
Qualifications
The home loan that unlocks opportunities
Qualifications
The home loan that unlocks opportunities.
- Available in Illinois (contact your Loan Officer to see if your county qualifies)
- Purchases only
- Single Family Homes (1-4 units), Condominiums, Manufactured Homes, or Townhouses
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IllinoisDPA FAQs
What is the Illinois Down Payment Assistance (DPA) Program?
The Illinois DPA program is designed to help individuals and families in Illinois achieve homeownership by providing financial assistance for down payments and closing costs. The assistance is offered in the form of a forgivable second loan.
Who is eligible for the IllinoisDPA program?
Eligibility is determined by factors such as income limits, credit score, and the purchase of an eligible property in Illinois. First-time homebuyers, as well as repeat buyers, may qualify depending on the program guidelines.
How much assistance is available through the program?
Assistance is in the form of a forgivable second loan of up to 5% of the final first loan amount. These funds can be used for down payment or closing costs.
Is the assistance a loan or a grant?
The assistance is provided as a forgivable second loan with a 7-year term. As long as the borrower meets program requirements, such as staying in the home as their primary residence, the loan may be forgiven after seven years.
What types of properties are eligible for the program?
Eligible properties include single-family homes, townhomes, manufactured homes, and condominiums. The property must be located in Illinois and used as the buyer’s primary residence.