Gov. Pritzker launches down payment assistance program for first-time home buyers

(WAND) - Governor JB Pritzker and the Illinois Housing Development Authority launched a program to help first-time home buyers on Wednesday.

IHDAccess Home (Access Home) is a new program offering up to $15,000 in down payment and closing cost assistance for eligible first-time homebuyers statewide.

"Home ownership is a cornerstone of the American dream and a vital engine for building generational wealth - but high entry costs have locked too many working families out of the market," said Governor Pritzker. "That is why I have proposed $50 million in BUILD Illinois funds in my FY27 budget specifically for down payment assistance. By pairing those resources with the launch of Access Home, we are tearing down the financial barriers to home ownership and enduring our residents can put down roots in the communities they love."

Access Home combines a 30-year, fixed-rate mortgage with up to $15,000 for down payment and/or closing cost assistance for both current and new-construction homes. Assistance is provided as a zero-percent interest second mortgage, with repayment deferred for up to 30 years unless the home is sold or refinanced earlier.

Eligibility is based on the borrower's credit profile, household income, and the purchase price of the home. Potential home buyers are required to complete pre-purchase home ownership counseling to make sure they are making the best decision for themselves.

In Cook County, the program is available to first-time home buyers earning up to $137,885, pending household size.

Income limits are $126,615 in Winnebago County, $131,905 in Sangamon County, and $128,110 in Madison County.

Access Home is offered through a statewide network of more than 160 approved lenders and can be combined with many local assistance programs to maximize affordability.

Prospective buyers can find a participating lender to learn if now is the right time to become a homeowner at www.ihdamorgage.org.