Multiple Loan Options. GREAT Low Rates.*
The borrower receives a 30-year, fixed rate, fully amortizing home loan with 360 level monthly payments. They may also opt to receive down payment assistance equal to a percent of the note amount to apply toward the required down payment, closing costs, prepaids or principal reduction. Borrowers may select a loan with one of the multiple Down Payment Assistance options or a low rate loan without assistance. Current mortgage rates are available by contacting our team. Credit and income limits apply and homebuyer education is required. *Restrictions may apply.
Credit & Property
Qualifications:
To qualify for the Illinois Down Payment Assistance Program, you must:
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Have qualifying credit. This program has FICO score restrictions. Ask a lender if you qualify.
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Meet the income limits. Select the "Income Limits" button for more details.
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Have the necessary property requirements. New or existing residential, 1-4 units, detached, condominiums, townhomes or manufactured homes.
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Have successfully completed homebuyer education where all borrowers are first-time homebuyers.
Borrower Program
Benefits:
The Illinois Down Payment Assistance Program offers the following for borrowers:
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30-year fixed rate mortgage loans (FHA, VA, USDA Rural Development and Conventional Loans).
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Borrower Assistance for down payment, closing costs, and/or prepaids.
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Please note, some restrictions may apply.
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For more information on the Illinois Down Payment Assistance Program requirements for borrowers, please click the button below to download our information page. (Both English and Spanish versions are available.)
Borrower Program
Differences:
The Illinois Down Payment Assistance Program offers homeownership throughout Illinois with:
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No minimum borrower investment. You may be able to purchase a home with no money down.
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Repeat buyers welcome. The program is available to first time AND repeat homebuyers for both purchases.
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Assistance that helps build equity. Down payment assistance (DPA) is in the form of a forgivable second mortgage.
General
Information
There is no first-time homebuyer requirement in this program. Borrowers must have a credit score above 620 and qualifying income below $142,660 (for most areas, higher in some areas) to use the program.
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Buyers must live in the property as their principal residence within 60 days of closing.
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Applicants must be considered irrespective of sex, age, race, color, religion or national origin.
Eligible
Properties
Properties eligible for the ILDPA Program loans include:
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New or existing, owner occupied, principal residences, 1-4 units, detached structures, condominiums or townhomes.
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Properties must meet Servicer and Agency guidelines.
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The eligible area must be within the State of Illinois.
Educational
Requirements
Illinois DPA requires only one borrower on the loan complete the homebuyer education course when all are first-time homebuyers.
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Courses are available online or in-person.
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There are NO purchase price limits within this program.
Minimum FICO
Score & Ratio
Buyers must have a minimum FICO credit score of 620. The maximum DTI (debt-to-income ratio) must not exceed 50%. Ask a qualified lender if you qualify.
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The program allows manual underwriting in some cases in accordance with Servicer and Agency guidelines for the loan product.
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Consult an approved IllinoisDPA Program lender for details.
Financial Facts
& Reservations
The following mortgage products are offered in this program: FHA, VA, USDA-RD and conventional loans.
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Interested borrowers must contact a participating lender to apply for the loan. The lender will verify your qualifications.
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When you submit a loan application with the lender, it may be important that you have the following information:
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List of all outstanding debts and credit cards, including account information, unpaid balance and monthly payments; name and address of employer(s); copy of your most recent pay stub(s).
Locate a Lender
to Get STARTED.
To find the name of a lender, to check if your lender offers the ILDPA Program, or for any other questions, please contact:
Eva Sloate: (720) 673-3955, eva@illinoisdpa.org
Diana Minardi: (720) 673-3948, diana@illinoisdpa.org
We Work With Some of the
MOST TRUSTED Names in the Industry.
Become a Participating LENDER.
To become a participating lender, there is a multi-step process. First, you must be approved to do business with Land Home, who is acting as the Program’s Servicer. If you are not already doing business with Land Home, you will need to contact Nora.Salas@LHFS.com to receive the appropriate documents for execution. Land Home will notify the Lender and program Sponsor when approved.
LENDER AGREEMENT:
Complete a PROGRAM LENDER AGREEMENT with the Southwest Illinois Development Authority and email a PDF copy to the IllinoisDPA Program Team. Also, send a PDF Copy to: TBD
LENDER TRAINING:
Once you are approved by Land Home and have executed a lender agreement, you can participate in LENDER SYSTEM TRAINING led by eHousingPlus. eHousingPlus is the Program Administrator and all Program loans are locked in the eHP system. To schedule LENDER SYSTEM training, please contact: Sue Denihan, (813) 415-3549, sue@ehousing.cc. To schedule SALES training, please contact: Eva Sloate, sloatee@stifel.com
LOAN PROCESSING:
The lender coordinates the 1st mortgage and the assistance for the borrower and will qualify borrower(s) based on Program, Servicer, and Agency guidelines. The lender will lock the loans in the eHousingPlus system. Below is a step-by-step guide to our loan processing timeline: 1. Lender underwrites the loan (delegated underwriting). 2. Lender locks loan in the eHousingPlus system. 3. Lender closes and funds the loan. 4. Lender delivers the loan to Land Home for reimbursement.