Two things changed in Illinois that most guides have not caught up with. The famous SmartBuy program — the one that paid off up to $40,000 of student loans — closed in February 2025. And in March 2026 IHDA launched a new flagship offering $15,000, which barely appears in third-party coverage.
Illinois is also the single best place to understand how assistance structures differ, because one agency offers four products with four completely different obligations. Here is the current lineup.
The four IHDA products
Same agency, same borrower, four very different deals. None is a grant — IHDA offers no true grant.
IHDAccess Home — the new flagship
6% of the purchase price, up to $15,000. Launched March 11, 2026.
Structure: a deferred second at 0% interest over 30 years with no monthly payments. It is never forgiven — the full balance comes due when you sell, refinance, or pay off the first mortgage. First-time buyers.
IHDAccess Forgivable
4% of the purchase price, up to $6,000.
Structure: a forgivable second, forgiven monthly over ten years — prorated, not a cliff. Sell or refinance early and you repay only the unforgiven portion.
IHDAccess Deferred
5% of the purchase price, up to $7,500. A 0% deferred second over 30 years, no monthly payments, never forgiven. Due at sale or refinance.
IHDAccess Repayable
10% of the purchase price, up to $10,000 — the largest percentage on offer.
Structure: an amortizing second with required monthly payments, at 0% interest over ten years. Every dollar comes back, monthly, starting immediately.
The trap: the biggest number is the worst deal
This is worth working through, because the headline percentages point the wrong way.
On a $250,000 home, IHDAccess Repayable gives you 10% — $10,000 — but you repay all of it over 120 months. IHDAccess Forgivable gives you 4% — $6,000 — and if you stay ten years you keep every dollar.
So the “smaller” program is worth $6,000 more in real terms than the “bigger” one. The only reason to choose Repayable is if you genuinely need the larger sum at closing and can carry the extra monthly payment.
The deferred products sit in between: more money than Forgivable, no monthly payment, but you settle the full amount whenever you sell. IHDAccess Home at $15,000 is the largest sum available, and if you plan to stay a long time, deferring $15,000 at 0% for decades is genuinely valuable — just never mistake it for free money.
SmartBuy is closed
SmartBuy paired $5,000 in down payment assistance with up to $40,000 toward student loan payoff, and it was probably the most distinctive assistance program in the country.
IHDA’s own page states the program closed on February 24, 2025. Loans already locked may still fund, but no new applications are accepted.
If you have read that Illinois is the state to buy in because of student debt relief, that advice is out of date. Any guide still presenting Illinois that way is materially wrong.
Two others to disregard: Opening Doors no longer appears on any current IHDA page, and 1stHomeIllinois is absent from all IHDA materials though still listed on some aggregator sites.
Requirements
- Minimum credit score 640 across all programs.
- Minimum borrower contribution of $1,000 or 1% of the purchase price, whichever is greater. Frequently omitted elsewhere, and it means these are not zero-out-of-pocket programs.
- Homeownership education required before closing, online or in person.
- First-time buyer required, except for eligible veterans with a COE or DD214, or purchases in a targeted area.
- Maximum debt-to-income is not published by IHDA — ask your lender.
Income limits vary by county, household size (one-to-two versus three or more), property type, and targeted status, effective for reservations dated July 1, 2026 and after. Verified anchors: Cook County $137,885, Winnebago $126,615, Sangamon $131,905, Madison $128,110.
IHDA publishes purchase price limits only through a live county selector, so check yours directly rather than trusting a republished table.
Funding and outlook
All four IHDAccess products are currently open, through more than 160 approved lenders. IHDA’s standard disclaimer applies — funding and availability are subject to change at any time.
IHDAccess Home is funded from reallocated prior assistance funds, excess single-family indenture liquidity, and future revenue bond proceeds. The Governor’s proposed FY27 budget includes $50 million in BUILD Illinois funds for down payment assistance, though that is not yet appropriated.
Illinois has no first-generation buyer program.
- If you can stay ten years, ask about IHDAccess Forgivable first — it is the only product where the money is genuinely yours to keep.
- If you need maximum cash at closing and plan to stay long term, IHDAccess Home at $15,000 deferred is the strongest option.
- Treat IHDAccess Repayable as a last resort. Ten percent sounds generous until you see the monthly payment.
- Budget for the minimum contribution of $1,000 or 1% of purchase price — these programs are not zero-down.
- Disregard any advice built around SmartBuy or student loan payoff. That program ended in February 2025.
Frequently asked questions
Is Illinois SmartBuy still available?
No. IHDA’s own page states SmartBuy closed on February 24, 2025. The program that paid off up to $40,000 in student loans alongside $5,000 in down payment assistance is no longer accepting applications, though previously locked loans may still fund.
What is IHDAccess Home?
IHDA’s newest and largest program, launched March 11, 2026. It provides 6% of the purchase price up to $15,000 as a deferred second at 0% interest over 30 years with no monthly payments. It is never forgiven — the balance is due when you sell, refinance or pay off the first mortgage.
Does Illinois offer a true down payment grant?
No. IHDA offers four products — one forgivable, two deferred, one amortizing — but none is a grant. Every dollar is either forgiven over time or repaid.
Which Illinois program is the best deal?
For most buyers staying ten years or more, IHDAccess Forgivable, because the money is actually forgiven. IHDAccess Repayable offers the largest percentage at 10% but you repay all of it monthly, making the smaller forgivable program worth more in real terms.
What credit score do I need in Illinois?
640 minimum across all IHDA programs. You also need a minimum contribution of $1,000 or 1% of the purchase price, whichever is greater, and homeownership education before closing.
Does Illinois have a first-generation homebuyer program?
No. IHDA offers no first-generation product, and its IHDAccess Home launch announcement makes no reference to first-generation eligibility.