Illinois Down Payment Assistance Limits

Effective July 1, 2024, the Illinois Housing Development Authority raised both the income and purchase price limits for their down payment assistance program. This is great news for today’s buyers as the market continues to present affordability challenges. With the new parameters, even those above the median income limit can qualify and the purchase price limit reflects the current environment. In short, Illinois down payment assistance has been updated to meet the needs of buyers in 2024.      

Income Limits for Illinois Down Payment Assistance

In Cook, DuPage, Kane, Lake, McHenry, and Will counties, the income limit for IHDA assistance is $134,520. When applying for an IHDA Loan, only the borrower’s income is used to qualify and not household income. With this limit being almost $25,000 more than 100% of the Area Median Income, the program is available to a large population. 

It is also worth noting that Illinois down payment assistance helps fill a gap for those who do not qualify for other affordability programs, like VLIP or HomeReady/HomePossible which have limits of $55k and $88k respectively. With IDHA, however, higher earners qualify for the affordability assistance they still need given today’s market. 

Purchase Price Limits for Illinois Down Payment Assistance

In Cook, DuPage, Kane, Lake, McHenry, and Will counties, the purchase price limit for IHDA assistance is $610,939 for a one-unit property. This is an increase of nearly $30,000 from 2023. If you were struggling to get assistance as home prices were on the rise, this is a sigh of relief. 

To see income and purchase price limits in other counties in Illinois, visit the IHDA limits page here. 

More to Learn 

IHDA options can have a significant impact on the ability to secure the home you are looking for. In addition to helping borrowers cover the upfront costs of homeownership, they also offer below-market rates for long-term savings. To get the bullet points on IHDA’s types of assistance, read more here. To discover the influence an IHDA Loan can have on your current homebuying process, reach out!