Need help with your down payment?

Key Mortgage is the number 6 IHDA lender with the Illinois Housing Development Authority.


Studies have found the biggest obstacle to purchasing a home is the down payment. These loan programs provide a unique opportunity for any homebuyer or homeowner to take advantage of competitive fixed rate loans and the option of down payment and closing cost assistance.

 

IHDA Access 4% Forgivable Program Includes: 

  • 4% (up to $6,000) of the purchase price in down payment or closing cost assistance

  • 10 years forgivable repayment

  • $0 monthly repayment

 

Eligibility:

  • No need to be a first-time buyer

  • New construction

  • Available statewide

 

Assistance is forgiven pro-rata on a monthly basis over 10 years. For example, a buyer with a
$6,000 loan would be forgiven at $50/month for 10 years.

 

 

IHDA Access 5% Deferred Program Includes: 

  • 5% (up to $7,500) of the purchase price in down payment or closing cost assistance

  • 30 year forgivable repayment

  • 0% interest

  • No prepayment penalties

 

Eligibility:

  • No need to be a first-time buyer

  • New construction

  • Available statewide

 

 

IHDA Access 10% Repayable Program Includes: 

With the Illinois Housing Development Authority Access 10% Repayable plan, Key Mortgage
can help buyers get 10% of their home’s purchase price (up to $10,000) in down payment or
closing cost assistance.

 

Eligibility:

  • No need to be a first-time buyer

  • New construction

  • Available statewide

 

 

IHDA 1stHomeIllinois  Program Includes:

• Up to $7,500 cash assistance to cover down payment and closing costs

• 30-year fixed-rate mortgage with a competitive interest rate and mortgage insurance options

• Variety of loan options to choose from, including FHA, Conventional, and VA

 

Eligibility:

• Certain income and purchase prices limits apply

• First-time homebuyer or anyone who has not owned a home in the last three years (veterans are exempt) in one of the counties listed below

 

Requirements:

• Must purchase a home in Boone, Cook, DeKalb, Fulton, Kane, Marion, McHenry

• Purchase a one- or two-unit property within Illinois

• Live in the property as your primary residence

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