Academy Mortgage is approved to do loans with the Illinois Housing Development Authority (IHDA). There are several new down payment assistance programs to help first-time homebuyers and veterans. 

Many of these programs also offer below-market interest rates to help make monthly mortgage payments even more affordable. 

Whether you are a first-time homebuyer or a repeat buyer, Academy Mortgage Corporation and the Illinois Housing Development Authority may have the product for you. IHDA’s Grant programs have a variety of options and grant amounts to help customize a product that fits your needs.

ILLINOIS DOWN PAYMENT ASSISTANCE PROGRAMS AND DESCRIPTIONS

 

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Requirements:

  • Contribute $1,000 or 1 percent of the purchase price, whichever is greater.
  • Meet the income and purchase price limits.
  • Meet the credit requirements.
  • Live in the home as your primary residence.
  • Complete homeownership counseling (online and in-person options available).
  • FHA, VA, USDA and Conventional loan options available.

Have additional questions? Email mike.scalise@academymortgage.com

Mike Scalise

Branch Manager | NMLS #207383

 

Office: (815) 312-5823

Cell: (815) 621-9888

 

420 Financial Court, Suite #110

Rockford, IL 61107

 

Email: mike.scalise@academymortgage.com

Website: www.mike-scalise.com

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ASSISTANCE INFORMATION

(815) 312-5823

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Illinois Down Payment  Assistance Programs

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"Mike was very helpful when I purchased my home through Academy Mortgage. He was quick with responding back to any emails or phone calls, and overall ... more "
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by hmali 05y
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"Mike helped my husband and I get our first "big kid mortgage" we were both terrified of the amount that our dream home was going to cost us! Mike ... more "
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"Mike and Academy Mortgage came highly recommended, and I can see why. Mike is wonderful to work with! He really took his time and went step by step ... more "
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by stooley
Congratulations on the decision to buy your first home! 
With interest rates on the rise and rents at an all-time high, there’s no better time to buy a home than now.

The 4% up to $6,000 available with Access Forgivable is a forgivable grant. The borrower does not need to pay it back, as long as they live in the home for ten years. If they sell or refinance the home within the first ten years, a portion of the down payment will need to be paid back to IHDA.

The 5% up to $7,500 available with Access Deferred is a deferred grant. The borrower will be required to repay the funds at maturity of the 1st mortgage, unless repaid sooner, or in the event of a refinance or sale.

 The 10% up to $10,000 available with Access Repayable is a repayable loan. The borrower will be required to repay the funds. The loan is zero interest, repaid over 10 years. 2nd lien example: $10,000 loan amount (down payment assistance amount), 0% interest/ 0.000% APR paid over 120 months with an estimated monthly payment of $83.34."

Illinois Down Payment  Assistance Programs