IHDAccess Home (new)
6% of the price up to $15,000, a 0% deferred second repaid on sale, refinance, or payoff. First-time buyers, 640 credit. The largest IHDA assistance amount.
Cornerstone First Mortgage · Mike Certo NMLS #260555
Illinois home loans, from IHDA's new $15,000 IHDAccess Home program to Chicago and Naperville jumbo lending.
Illinois-licensed lending across Chicago, the collar counties, and downstate. Straight numbers on IHDA's four assistance programs, the Chicago transfer tax that splits between buyer and seller, USDA in central and southern Illinois, and the VA benefit. A Cornerstone branch manager who works the file himself instead of handing it to a call center.
The Illinois programs Mike runs
IHDA, the Illinois Housing Development Authority, anchors the first-time and assistance side. Around it sit the standard loan types and a few niche paths. Here is the menu.
IHDAccess Deferred
5% up to $7,500, a 0% deferred second with nothing due until you sell or refinance. Open to first-time and repeat buyers, 640 credit.
IHDAccess Forgivable
4% up to $6,000, forgiven a little each month across ten years, so it disappears if you stay. First-time and repeat buyers, 640 credit.
IHDAccess Repayable
10% up to $10,000, a 0% second repaid in monthly installments over ten years. The most cash, for buyers who want the largest boost, 640 credit.
FHA, VA & USDA
FHA from 3.5% down, VA at zero down for veterans, and USDA at zero down across central and southern Illinois. Each pairs with an IHDA second.
Jumbo & self-employed
Above the $832,750 conforming limit, plus bank-statement and 1099 loans for business owners whose tax returns understate their income.
The 2026 Illinois Home Loan Guide
Every Illinois loan type compared by credit and down payment. Free.
Every Illinois loan type compared by credit and down payment. Free.
Why work with Mike
Most Illinois buyers who search for IHDA help land on a national aggregator that sells the lead three times before anyone calls back. That is not us. Mike Certo is a branch manager with Cornerstone First Mortgage who works Illinois files himself, and he will tell you straight which path fits: IHDAccess Home for the biggest deferred assistance, the Forgivable second when you plan to stay a decade, a plain conventional or FHA when IHDA adds nothing. He closes these across Chicago, the collar counties, and downstate, and he knows the parts that trip Illinois buyers up, the split Chicago transfer tax, the high property taxes in Cook and its neighbors, and where USDA actually reaches outside the metro.
Complex files are the specialty
Self-employed income, jumbo with student debt, DSCR investor loans below a 1.0 ratio, buy-before-you-sell bridge financing, doctors still in residency. These are the files that stall at a call-center lender and close with Mike. If your situation has a wrinkle, that is the reason to call, not a reason to wait.
Illinois home-loan FAQ
What is IHDA's new IHDAccess Home program?
IHDAccess Home is the Illinois Housing Development Authority's largest down payment assistance, added in 2026. It provides 6% of the purchase price, up to $15,000, as a 0% deferred second mortgage. You repay it only when you sell, refinance, or pay off the loan, or at 30 years. It is for first-time buyers, needs a 640 credit score, and asks a small borrower contribution of 1% or $1,000.
How many down payment programs does IHDA offer?
Four. IHDAccess Home gives 6% up to $15,000 for first-time buyers. IHDAccess Deferred gives 5% up to $7,500 and IHDAccess Repayable gives 10% up to $10,000, both open to first-time and repeat buyers. IHDAccess Forgivable gives 4% up to $6,000, forgiven monthly across ten years. All four require a 640 credit score.
Is IHDA's SmartBuy student-loan program still open?
No. SmartBuy, which paid off up to $40,000 in student debt alongside down payment help, has been closed since February 24, 2025. There is no 2025 or 2026 application window. Some web pages still describe it as open, but it is not accepting applications. It may return if IHDA receives new funding.
How does the Chicago transfer tax work?
Chicago's total transfer tax is $5.25 per $500 of price, and it splits between the parties. The buyer pays the $3.75 per $500 city portion, and the seller pays the $1.50 per $500 CTA portion, plus the state and county stamps. That buyer-paid piece is unusual, since across the rest of Illinois the seller pays the transfer tax. The 2024 Bring Chicago Home referendum, which would have added a graduated rate, failed at the ballot.
What is the fastest way to find out if you can help me?
Call (480) 296-6513 and ask for Mike, or send your scenario through the contact form. Our team calls you back shortly. Pre-approval typically takes 24 to 48 hours once your credit and income documents are in.