Finally some good news for buyers! At the beginning of September, the state of Illinois brought back the IHDA (Illinois Housing Development Authority) Opening Doors program to help buyers with their down payments. This program was previously immensely popular until it was discontinued earlier this year. With mortgage rates increasing, it has become increasingly more difficult for first-time buyers to purchase and this program makes a huge difference for many of those first-time buyers. 

As you see below, the IHDA Opening Doors program offers $6,000 to new homeowners. If they live in the house for at least 5 years, the $6,000 does not need to be paid back. It sounds too easy. However, we have worked with numerous buyers who have utilized the program over the years and a local lender recently told me, “It’s exactly as good as it sounds.” Additionally, though the program offers a little bit less money upfront than in the past, this time the interest rates that come with the program are looking to be similar to or less than a conventional loan. In the past, rates with IHDA had been regularly higher than non-IHDA loans.  Six thousand dollars can make or break a purchase for many and this opportunity will allow a lot of buyers to start investing their money in their home instead of wasting it on rent every month. 

We aren’t lenders and this program might not be right for you, but we recommend that you get in contact with a great local lender who can go into more detail and help you find the perfect option for you and your next purchase.