Low Funds For a Downpayment? You Have Options!

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Do you meet the general criteria for a home loan but lack the down payment? Because this happens far too often, the Illinois Housing Development Authority (IHDA) has created loan programs that provide down payment and closing cost assistance for borrowers who would otherwise qualify for a mortgage.

As long as you meet the income and purchase limits, have a good credit score, and can make the monthly payments, there’s a good chance IDHA has a program that can help (each has its own specific requirements).

Across Illinois nearly 10% of all first-time homebuyers utilize IHDA MORTGAGE products to help with the additional leverage needed to bridge the gap of homeownership. In an effort to continue to grow on the state’s success in serving historically underrepresented communities, IHDA has developed the Opening Doors program, which provides further opportunity to increase generational wealth and build homeownership accessibility.

Check out our video for more details.

Opening Doors Highlights:

IHDA Mortgage Opening Doors is designed to provide a safe and affordable lending program that allows families across Illinois the opportunity to break the cycle of renting and achieve a path to homeownership.

Opening Doors Will Provide:

  • $6,000 in assistance for down payment and/or closing costs, forgiven monthly over 5 years – it’s a loan that does not have to be repaid!
  • 30-year, fixed rate mortgage with a competitive interest rate
  • Choice of FHA, VA, USDA or FNMA HFA Preferred, FHLMC HFA Advantage only loan types
  • DACA Recipients (Dreamers) are eligible!

Opening Doors Requirements

  • First-Time and Non First-Time Homebuyers are allowed
  • All Illinois counties are eligible
  • Contribute $1,000 or 1 percent of the purchase price, whichever is greater
  • Meet the income and purchase price limits
  • Minimum credit score – 640 for all loan types
  • Live in the home as primary residence
  • Complete homeownership education prior to close (online and in-person options available)
  • New construction is allowed


We strive to be the best Realtors throughout Lake County and McHenry County by adding value to our clients and their families, so we hope you found this information useful. We also understand the process actually begins well before moving in or out of a home; and we’ll be right here when you need us.

If you want the best possible experience with either selling your home or buying a home (or maybe both!), The Levicki Group is ready to help you plan your perfect time to EXIT. Contact us if we can assist with any of your home buying or home selling needs.