Kendall County Times

Illinois Gov. J.B. Pritzker is taking the wraps off a new homebuyer program that will invest $15 million to boost home purchase accessibility for low- and moderate-income people, families and seniors across the state.

According to a WAND TV report, Illinois HFA1 is expected to help as many as 1,500 new homebuyers, and the program, operated by the Illinois Housing Development Authority (IHDA), will provide up to $10,000 to cover down payments, or closing costs for eligible buyers.

“Every individual, family, and senior in Illinois deserves to have a stable and safe home,” Pritzker said in the WAND TV report. “That’s why my administration is ensuring that homeownership is accessible and attainable for every resident. Through Illinois HFA1, we’ll be able to support a new generation of homebuyers and set them up for long-term financial success.”

The WAND TV report noted under the plan, IHDA will provide a 30-year fixed-rate mortgage with the down payment and closing costs included in an interest-free second mortgage, with those payments deferred to the end of the loan, meaning borrowers won’t have to repay the costs until the house is paid off, sold, or refinanced.

The program, according to WAND TV, is available to homebuyers in each county and in some instances can be used in concert with other down payment assistance programs.

According to IHDA Executive Director Kristin Faust, the program is clearing hurdles to homeownership.

“A large hurdle to buying a home is saving enough money for a down payment, which has become more difficult with home values increasing, rising interest rates, and other obligations such as taking care of a family,” Faust told WAND TV. “If you have been on the fence about buying a home, don’t hesitate and reach out to one of our lenders today to discuss your options. You may be surprised how much you can save today and finally have the opportunity to put down roots in a community and build household wealth.”