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You’ve read about the benefits, busted the myths, and learned about the programs—now it’s time to take action! If you’re thinking about buying a home in Illinois or Northwest Indiana, and want to use down payment assistance, here’s a step-by-step guide to get you moving in the right direction.
Step 1: Check Your Eligibility
Start by reviewing the basic requirements for most down payment assistance programs:
✅ Minimum credit score (usually 640+)
✅ Stable income and job history
✅ First-time buyer (in some cases—not always required)
✅ Meet local income limits
✅ Minimum credit score (usually 640+)
✅ Stable income and job history
✅ First-time buyer (in some cases—not always required)
✅ Meet local income limits
📍 Tip: Visit the IHDA (Illinois Housing Development Authority) or IHCDA (Indiana Housing & Community Development Authority) websites to view current program guidelines and income limits for your area.
Step 2: Talk to a Participating Lender
Not all mortgage lenders are approved to offer down payment assistance programs.
Look for a local, experienced lender who is:
Look for a local, experienced lender who is:
- IHDA- or IHCDA-approved
- Familiar with stacking multiple grants
- Willing to walk you through the process step by step
👀 Pro Tip: Our team can refer you to trusted lenders who specialize in these programs.
Step 3: Complete a Homebuyer Education Course
Most programs require a first-time homebuyer education course.
- These are usually online and self-paced
- They help you understand budgeting, loans, and homeownership responsibilities
- Required by both IHDA and IHCDA before funds are released
Step 4: Gather Your Documents
You’ll need:
📄 Pay stubs, W2s, tax returns
📄 Bank statements
📄 Photo ID
📄 Proof of residency (depending on the program)
📄 Pay stubs, W2s, tax returns
📄 Bank statements
📄 Photo ID
📄 Proof of residency (depending on the program)
Having these ready speeds up the approval process!
Step 5: Get Pre-Approved and Start Shopping!
Once you’re pre-approved with down payment assistance factored in, you’re ready to shop for homes within your budget. Our team will help you craft strong offers that include the necessary details for grant approval.
Down payment assistance can make your path to homeownership faster and more affordable, but the key is starting with the right team and information. If you’re thinking about buying this year, don’t wait—get the process started today!
