Starting January 5, 2024, INB N.A. mortgage lenders will offer Illinois homebuyers a maximum of $6,000 to assist in acquiring a new home through the IHDAccess Forgivable program. 

IHDAccess Forgivable aims to aid borrowers who qualify for a loan but may face challenges in covering down payment and closing costs due to factors such as student loans or other financial burdens. Administered by the Illinois Housing Development Authority (IHDA), the funds provided under IHDAccess Forgivable will be entirely forgiven after 10 years.

IHDA reports that nearly 10% of first-time homebuyers utilize IHDA Mortgage products to gain the additional leverage necessary for homeownership. The IHDAccess Forgivable option caters to first-time and repeat homebuyers, providing a highly competitive interest rate to minimize long-term mortgage expenses.

Key features of the IHDAccess Forgivable program:

• Up to 4% of the purchase price (capped at $6,000) in aid for down payment and closing costs, forgiven monthly over 10 years – requiring no repayment.
• A 30-year, fixed-rate mortgage with a manageable interest rate.
• Accessible to first-time and repeat homebuyers across the state.

Eligibility criteria for Illinois homebuyers:

• adherence to household income and purchase price limits;
• a minimum credit score of 640;
• property location within Illinois;
• contribution of $1,000 or 1% of the purchase price, whichever is greater;
• primary residence occupancy requirement;
• completion of homeownership counselling before closing, with online and in-person options available.

INB VP, Mortgage Sales Manager Brad Dyer stated that partnering with IHDA Mortgage enables INB to fulfil the dream of homeownership for individuals who may otherwise not have the opportunity to own a home.

One of our bank's core values is caring, and teaching our lending and back-office staff the intricacies of IHDAccess Forgivable is one way to go into the community and show them we care. We can help make Central Illinois more vibrant by showing families who want homeownership how the gift of an IHDAccess Forgivable loan can help them. We are thrilled to be part of the IHDA program.One of our bank's core values is caring, and teaching our lending and back-office staff the intricacies of IHDAccess Forgivable is one way to go into the community and show them we care. We can help make Central Illinois more vibrant by showing families who want homeownership how the gift of an IHDAccess Forgivable loan can help them. We are thrilled to be part of the IHDA program.

INB Now Offering $6,000 in Downpayment Assistance for Homebuyers

Interested homeowners can learn more about IHDAccess Forgivable by contacting any INB mortgage lender.

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Mihaela Lica Butler

Mihaela Lica Butler is senior partner at Pamil Visions PR. She is a widely cited authority on public relations issues, with an experience of over 25 years in online PR, marketing, and SEO.She covers startups, online marketing, social media, SEO, and other topics of interest for Realty Biz News.

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