A practical Chicago-area homebuying resource
Start with the whole budget, not just the down payment.
Illinois first-time homebuyer assistance can help with eligible upfront costs. The right choice still depends on the mortgage, property, cash reserves and obligations that remain after closing.
Compare the total monthly payment: principal and interest, taxes, insurance, association assessments, mortgage insurance, utilities and maintenance. Keep funds available for inspections, moving and unexpected repairs.
Ask for written Loan Estimates and a breakdown of the assistance terms. Compare interest rate, APR, fees, cash to close, monthly cost and what you would owe if you sell or refinance.
Compare IHDA mortgage assistance.
The Illinois Housing Development Authority offers assistance through participating lenders. Its current program directory lists the following IHDAccess options. The directory flags limited funding; confirm availability and current terms before relying on any amount.
| Program | Assistance | Repayment structure | Who should ask |
|---|---|---|---|
| IHDAccess Home | 6% of purchase price, up to $15,000 | 0% deferred second mortgage; repayment is triggered by sale, refinance, payoff or maturity. | First-time buyers, with specified exemptions. |
| IHDAccess Forgivable | 4% of purchase price, up to $6,000 | Forgiven monthly over 10 years; an unforgiven balance may become due if repayment conditions are triggered. | First-time and repeat buyers meeting program requirements. |
| IHDAccess Deferred | 5% of purchase price, up to $7,500 | 0% deferred second mortgage; repayment is due at a qualifying repayment event or maturity. | First-time and repeat buyers meeting program requirements. |
| IHDAccess Repayable | 10% of purchase price, up to $10,000 | 0% second mortgage repaid monthly over 10 years. | Buyers who can support the additional monthly payment. |
Sources: IHDA program directory and Getting an IHDA Loan. This comparison is a starting point, not an exhaustive list or a funding commitment.
IHDA requires an eligible primary residence, approved financing, program-specific income and purchase-price limits, borrower funds and homebuyer education. Ask an IHDA-approved lender to confirm the applicable rules for your county and household.
Cook County down payment assistance: verify the lending channel.
Cook County’s published program offers up to 5% of the final first mortgage amount, capped at $25,000, as a second loan with a five-year forgiveness term. Sale or refinance before forgiveness may require repayment.
Club 720 reports that County funding through Land Home Financial Services is fully allocated. Limited County-funded assistance may remain through Wintrust Mortgage, subject to a full application, eligibility review and available funds at reservation. You do not have to change lenders; ask your current lender about alternatives.
Confirm property location, owner occupancy, income or targeted-area rules, education and underwriting with the administrator. The County’s announcement and administrator’s page display different credit-score thresholds; use the current lender’s written criteria rather than assuming a score qualifies.
Sources: Cook County program announcement and Club 720 funding update and program terms.
DuPage County first-time homebuyer programs: separate statewide and targeted help.
For a home in DuPage County, begin by checking statewide IHDA options with a participating lender. Then ask a local housing counselor about assistance specific to your household and proposed property.
DuPage Housing Authority / HOPE
The published HOPE Fair Housing Center and DuPage Housing Authority program provides $15,000 in down payment assistance plus $5,000 in flexible funding for approved costs. It is intended for eligible DHA Housing Choice Voucher participants buying in DuPage County, not every first-time buyer. Confirm current funding, required education, lender acceptance and the reservation process with DHA or HOPE.
DHA program announcement ↗ · Published program details and application instructions (PDF) ↗
Education and local navigation
H.O.M.E. DuPage offers homebuyer education and counseling about assistance options. Before budgeting for a newly announced county initiative, confirm that applications are open and final terms have been published. A budget proposal is not an award or a reservation.
Eligibility: prepare the questions and documents early.
Approval depends on the full application and the specific program. Ask the lender or counselor to review these areas before you commit to a property:
- Ownership history: the program’s definition of a first-time buyer and any permitted exemptions.
- Income and debts: which household members and income sources count, and the lender’s credit and debt-to-income rules.
- Property: county, price, property type, condominium project requirements and primary-residence obligations.
- Your contribution: minimum borrower funds, allowable gifts and reserves after closing.
- Education: approved provider, completion deadline and certificate validity.
- Repayment: second-lien terms, forgiveness schedule and triggers such as sale, refinancing or ending owner occupancy.
Be ready with identity documents, income records, tax returns when requested, bank statements, debt information and ownership history. Provide sensitive documents through the lender’s secure process. Confirm the exact checklist with the professional reviewing your file.
A practical path from research to closing.
- Set a comfortable total budget. Include cash to close, recurring costs and a repair reserve.
- Speak with an approved lender and housing counselor. Compare a standard mortgage with available assistance options.
- Complete required education. Confirm the provider and timing before enrolling.
- Check the property before an offer. Discuss program approval, inspections, condominium eligibility and closing timelines with your team.
- Obtain written funding confirmation. A screening result or preapproval is not a reservation of assistance.
- Review the final loan and assistance documents. Understand payments and future repayment obligations before signing.
Frequently asked questions
Is Illinois first-time homebuyer assistance free money?
Not necessarily. Assistance may be a grant, a forgivable loan, or a loan repaid later or monthly. Read the note and mortgage, including occupancy, sale and refinance provisions, before deciding.
Can a previous homeowner qualify?
Some programs accept repeat buyers. IHDAccess Home focuses on first-time buyers, with exemptions such as eligible veterans and purchases in targeted areas. Ask the participating lender to apply the current definition to your ownership history.
Can I combine Cook County assistance with IHDA?
Do not assume two programs can be stacked. Each administrator and the first-mortgage lender must approve the combined financing, lien position, borrower contribution and permitted uses. Obtain written confirmation before budgeting for both.
Does every DuPage County first-time buyer qualify for a local grant?
No. Local programs have specific participation, property and funding rules. The DuPage Housing Authority and HOPE program described here is for eligible DHA Housing Choice Voucher participants; it is not a countywide entitlement.
Can assistance be used to buy a condominium?
Ask the lender about both unit and project eligibility before making an offer. Approval of the borrower does not establish that a particular condominium building meets the mortgage or assistance program rules.
Will 360 Chicago Realty approve or fund my assistance?
No. We provide independent real estate consulting and coordinate with appropriate professionals. Participating lenders and program administrators determine eligibility, underwriting, funding and reservations.
Official sources & program updates
Program information reviewed November 1, 2026. Funding and rules can change before closing; use these sources to verify the latest details.
- IHDA program directory
- IHDA income and purchase-price limits
- IHDA participating lenders
- Cook County assistance announcement
- Cook County administrator: live funding update
- DuPage Housing Authority assistance
- H.O.M.E. DuPage education and counseling
This guide provides general educational information, not a loan offer or legal, tax or financial advice. Assistance, rates and approval are not guaranteed. 360 Chicago Realty LLC is an independent consulting firm, not a lender or real estate brokerage. Mortgage and brokerage services are provided by appropriately licensed professionals. No government or program affiliation or endorsement is implied.