Illinois home buyers may get additional down payment assistance if they qualify for the Illinois Housing Development Authority’s (IHDA) Advantage Subsidy program.
This week, the IHDA announced the Advantage Subsidy program will be offered for a limited time, with borrowers who earn less than 50 percent of the area median income qualifying for an additional $2,500. Borrowers who earn less than 80 percent of the area median income eligible for $1,500.
The grants can be used with the IHDA’s current Down Payment Assistance programs, which means that qualifying home buyers could receive between $8,500 to $12,500 in assistance when they buy homes, IHDA said.
“Across Illinois, home sales have been on the decline for the past 12 months and the Illinois Housing Development Authority is seeking to end that by making homeownership more accessible and affordable for credit-worthy households,” said Tara Pavlik, managing director of IHDA’s Homeownership Programs. “This additional $2,500 grant will provide home buyers with the closing costs necessary to achieve the American Dream of owning a home.”
In fiscal year 2018, IHDA said it was able to help 5,500 people buy a home through two of its programs: 1stHome Mortgage and Access Mortgage. For more information, including a list of the nearest participating lenders, visit www.ihdamortgage.org.