IHDA Down Payment Assistance: How to Secure Up to $15,000 in Chicago & Cook County

Saving for a down payment remains the number one obstacle for homebuyers in Chicago and Cook County. The Illinois Housing Development Authority (IHDA) provides specialized assistance options that directly bridge the upfront cash gap for qualified buyers.

The flagship IHDA Access Home program provides up to $15,000 (or up to 6% of the purchase price) structured as a 0% interest deferred second mortgage with no monthly payments, repayable only when the property is sold, refinanced, or after 30 years.

For buyers prioritizing loan forgiveness, the Access Forgivable tier grants 4% of the purchase price up to $6,000, forgiven on a monthly schedule over a 10-year owner-occupancy period. Alternatively, Access Deferred offers up to $7,500 (5%), and Access Repayable provides up to $10,000 (10%) repaid at 0% interest over 10 years.

Core eligibility mandates a minimum credit score of 640 across major bureaus, a maximum debt-to-income (DTI) ratio of 50%, and household income falling within county limits. Crucially, the buyer contribution is limited to the greater of $1,000 or 1% of the purchase price—allowing you to acquire a home with very little cash out of pocket.