Illinois Offers $15,000 Down Payment Assistance Program for First-Time Homebuyers

Buying a home in Illinois may soon become more accessible for thousands of residents entering the market for the first time.

This week, Illinois Governor J. B. Pritzker announced the launch of IHDAccess Home, a new statewide initiative designed to help first-time homebuyers cover the upfront costs associated with purchasing a home. The program provides up to $15,000 in financial assistance that can be applied toward a down payment or closing costs. The program is administered through the Illinois Housing Development Authority and expands the agency’s existing mortgage programs aimed at increasing access to homeownership across the state.

IHDAccess Home pairs a 30-year fixed-rate mortgage with up to $15,000 in assistance that carries zero percent interest and deferred payments. Homebuyers are not required to make monthly payments on the assistance while they live in the property, which can help ease the financial pressure during the early years of homeownership.

Governor Pritzker also included $50 million in housing funding in his proposed Fiscal Year 2027 budget through the BUILD Illinois Housing Initiative. The funding is intended to expand programs that help Illinois residents purchase homes and strengthen housing access across the state.

According to IHDA Executive Director Kristin Faust, upfront costs remain one of the most common barriers for buyers entering the market. Programs that provide assistance with down payments and closing costs allow more households to move forward with homeownership sooner. Eligibility for IHDAccess Home is determined by several factors, including household income, credit profile, household size, and the purchase price of the home. Income limits vary depending on the county. For example, buyers in Cook County may qualify with household incomes up to $137,885, while Madison County limits reach $128,110.

Participants must complete homeownership counseling before purchasing and must obtain financing through one of more than 160 approved lenders across Illinois. In some cases, buyers may also combine IHDA assistance with local or municipal homebuyer programs, which can increase the total amount of support available.

IHDA programs have already helped many Illinois residents purchase homes. Over the past five years, more than 34,000 homebuyers have used an IHDA mortgage product. First-time buyers represented 21% of the national housing market last year, yet they accounted for 87% of IHDA borrowers, highlighting the agency’s continued focus on helping new buyers enter the housing market.

Programs like IHDAccess Home aim to expand access to homeownership across Illinois while giving first-time buyers additional financial support as they take the first step toward owning a home.

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