Illinois Will Give You $10,000 to Stick Around the State, Put Down Roots

National Homeownership Month just wrapped up as we turned our calendars to July, but the Governor of Illinois is still offering $10,000 for a downpayment to new and existing homebuyers.

According to a press release from the Illinois Housing Development Authority, free assistance to homebuyers has been offered since 2018 helping with down payment and closing costs, but only 1 in 13 residents even utilized the offer last year.

Homeownership helps foster strong communities, create generational wealth, and provide family stability. Everyone in this state deserves the opportunity to buy a home for their families and IHDA is ready to help make that a reality -IHDA Executive Director Kristin Faust

IHDA mortgages are offered to Illinois residents based on the "borrower’s credit profile, household income, and the purchase price of the home."

Completion of a pre-purchase homeownership counseling program is also required before receiving any financial assistance, according to the press release. This is to "ensure they are making the best decision for them."

Governor Pritzker said every resident should have the chance to purchase a home no matter what their zip code is, and the Governor said he is "committed to helping prospective homeowners—especially those from historically disadvantaged communities—overcome the financial barriers of owning a home."

There are approximately 180 lenders across the state of Illinois that offer the IHDA Mortgage Program, and to find a participating lender to discuss options, CLICK HERE.

If you have any questions about the program, or just wonder if this is the right time to purchase a home, get some guidance from the Housing Counseling Resource Program.