Illinois Housing Development Authority

Description

Loans for first-time home buyers: mortgage down payment assistance that also covers closing costs for eligible Illinois residents looking to purchase a home. Repayment of down payment portion of this loan is deferred or forgiven after set period of years, which varies by program. Offered in conjunction with 30-year fixed rate mortgage with affordable interest rate.

Hours

Office: Monday to Friday, 8:30 am - 5:00 pm; Website: 7 days a week, 24 hours a day

Required Documents

May include: Valid photo ID; Proof of residence in Illinois; Proof of income; Loan application documents.

Eligibility

Must be purchasing a primary residence; Borrower must have credit score of 640 or higher; Property must be located within the State of Illinois; Must meet income guidelines; Price of property must fall within purchase price limits; Must pay 1% of sale price or $1000; Borrower's debt to income ratio must be 50% or lower. Must complete home ownership education program.

Fees

None

Intake Procedure

(1) Call or email mortgage@ihda.org (2) Submit required documents (3) complete home ownership education program

Languages

Spanish, English

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Description

Offers interest-free loans and grants, forgivable over varied set period of years, for home purchases for qualifying buyers.

Hours

Monday to Friday, 8:30 am - 5:00 pm

Required Documents

Valid photo ID; Proof of residence in Illinois; Proof of income;

Eligibility

Resident of Illinois; Income limits and home price limits apply; Meet credit score requirements; Complete homeownership education class; Additional requirements vary by program

Fees

None

Intake Procedure

(1) Email mortgage@ihda.org for Opening Doors program or email LoanPayoff@ihda.org and provide the following information: (a) Borrower name and property address (b) Expected closing date (c) email address (to send payoff statement) (d) Authorization from borrower (2) Email IHDA at mortgage@ihda.org or call 877-456-2656 or 312-439-3538 (Spanish) for more information on current mortgage assistance programs

Languages

Spanish, English

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Description

Illinois Homeowners Assistance Fund provides up to $60,000 in mortgage assistance to eligible homeowners who have financial loss/hardship due to COVID-19.

Availability

Application window closes at 11:59 pm on October 31, 2023

Hours

Monday to Friday, 8:30 am - 5:00 pm

Required Documents

Government-issued photo ID; Online application; Proof of household income (Tax return, most recent W-2 or paystub, bank statement or letter from employer) (3) Proof of income loss or crisis caused by COVID-19

Eligibility

(1) Illinois resident (2) Meet income guidelines (3) Live in home as primary residence (4) Suffered financial hardship due to COVID-19

Intake Procedure

(1) See website at https://www.illinoishousinghelp.org/ilhaf for details (2) Contact ILHAF customer relations at 866-454-3571, or send an email to hafquestions@ihda.org with questions or for more information (3) Fill out pre-eligibility form on website (4) Schedule appointment with HUD-approved counseling agency (5) Submit online application (6) Provide required documents, list at https://drive.google.com/file/d/1hpUvcagRor8xxpX6vLhq2FpzTxppHGfd/view

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Description

Emergency rental assistance program (ILRPP) for Illinois homeowners who are unable to pay their rent due to the COVID-19 pandemic. Eligible Illinois residents can receive up to 15 months of assistance. Program launching on 5/17/21.

Hours

Call Center: Monday to Friday, 8:00 am - 7:00 pm; Website: 7 days a week, 24 hours a day

Required Documents

May include: (1) Valid photo ID (2) Proof of residence in Illinois, (3) Proof of income.

Eligibility

(1) Household resides in Illinois and rents their home as their main/primary residence, (2) Household behind on rent for at least 30 days,] (3) Household's total cross income cannot be more than 80% of Area Median Income (AMI) for its location, (4) Household must have experience a financial hardship directly or indirectly due to the pandemic, (5) Residents at risk of becoming homeless or losing housing stability, (6) Documentation required for both housing providers and tenants.

Fees

None

Intake Procedure

(1) The housing provider must go to ilrpp.ihda.org and complete their sections of the application including all required documentation, (2) Tenant will then be emailed with instructions on how to complete their portion online and provides all requested documentation, (3) Questions about the program can be sent to: LegAffairs@ihda.org.

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