Illinois Housing Development Authority held a presentation for EBOR members about the new programs that can open doors for their clients.
IHDA’s newest program, Opening Doors is designed to increase access to affordable housing for underserved communities. It offers $6,000 in down payment assistance and is forgiven after 5 years.
IHDA also has other programs available including:
- IHDA Access Forgivable which allows for a down payment assistance amount of 4% of the purchase price – up to a max of $6,000.
- IDHA Access Deferred which allows for a down payment assistance amount of 5% of the purchase price – up to a max of $7,500.
- IHDA Access Repayable, which allows for a down payment assistance of 10% of purchase price – up to a max of $10,000.
The programs requires a minimum fico score of 640, FHA, VA and Conventional mortgage type, and first time buyer or repeat buyer.
EBOR Affiliate Lauren Johnson with US Bank and her team – Kathy Lober, Jarrod Justice and Eric Rickard, are local Approved IHDA Lenders. Find their contact information at https://mortgage.usbank.com/
To learn more about these programs visit ihdamortage.org.
The presentation was not recorded, however EBOR members can click here for to view the presentation materials.