Skip to content
Purchase Mortgage Loan
Get Pre-Approved

First-Time Buyer loans in Illinois

Quick answer

First-time buyers in Illinois can use FHA (3.5% down), conventional 97 (3% down), VA or USDA loans, plus programs from Illinois Housing Development Authority (IHDA). On a $250,500 home, 3% down is about $7,515.

By Purchase Mortgage Loan Editorial Team Checked against official sources per our editorial standardsLast updated

First-Time Buyer loan snapshot for Illinois

ItemEstimate
Minimum down payment0%–3.5%
Minimum credit score580–620
Typical IL home value$250,500
3.5% down on typical home$8,768
20% down on typical home$50,100
Avg. effective property tax2.07%/yr (~$432/mo)
Income for typical home (31% rule)$88,000

Rate assumption: 7.18% (Freddie Mac PMMS 30-year fixed average, week of November 5, 2026). Change it in the payment calculator.

Which Illinois programs pair with First-Time Buyer loans?

  • IHDAccess Forgivable: Down payment assistance forgiven monthly over 10 years.
  • IHDAccess Deferred: A 0% deferred loan repaid when you sell, refinance or pay off the mortgage.
  • IHDAccess Repayable: A larger assistance amount repaid monthly over 10 years.

Details and current limits: Illinois Housing Development Authority (IHDA).

Compare first-time buyer loan options

LoanMin. downMin. creditMortgage insurance
FHA3.5%5801.75% upfront + annual MIP
Conventional 97 / HomeReady / Home Possible3%620PMI, removable
VA0%Lender-set (~580–620)None (funding fee)
USDA0%~6401% upfront + 0.35% annual

Who counts as a first-time home buyer?

Under HUD and most agency definitions, you're a first-time buyer if you haven't owned a principal residence in the last three years. Single parents and displaced homemakers who only owned with a former spouse may also qualify.

First-Time Buyer loans in Illinois cities

First-Time Buyer in ChicagoFirst-Time Buyer in AuroraFirst-Time Buyer in JolietFirst-Time Buyer in NapervilleFirst-Time Buyer in RockfordFirst-Time Buyer in ElginFirst-Time Buyer in SpringfieldFirst-Time Buyer in PeoriaFirst-Time Buyer in WaukeganFirst-Time Buyer in ChampaignFirst-Time Buyer in CiceroFirst-Time Buyer in BloomingtonFirst-Time Buyer in SchaumburgFirst-Time Buyer in EvanstonFirst-Time Buyer in Arlington HeightsFirst-Time Buyer in BolingbrookFirst-Time Buyer in DecaturFirst-Time Buyer in PalatineFirst-Time Buyer in SkokieFirst-Time Buyer in Des PlainesFirst-Time Buyer in Orland ParkFirst-Time Buyer in Oak LawnFirst-Time Buyer in BerwynFirst-Time Buyer in Mount ProspectFirst-Time Buyer in Tinley ParkFirst-Time Buyer in WheatonFirst-Time Buyer in Oak ParkFirst-Time Buyer in NormalFirst-Time Buyer in Hoffman EstatesFirst-Time Buyer in Downers GroveFirst-Time Buyer in GlenviewFirst-Time Buyer in PlainfieldFirst-Time Buyer in ElmhurstFirst-Time Buyer in LombardFirst-Time Buyer in Buffalo GroveFirst-Time Buyer in MolineFirst-Time Buyer in BellevilleFirst-Time Buyer in RomeovilleFirst-Time Buyer in BartlettFirst-Time Buyer in DeKalbFirst-Time Buyer in Crystal LakeFirst-Time Buyer in Carol StreamFirst-Time Buyer in Park RidgeFirst-Time Buyer in QuincyFirst-Time Buyer in StreamwoodFirst-Time Buyer in WheelingFirst-Time Buyer in UrbanaFirst-Time Buyer in CarpentersvilleFirst-Time Buyer in Hanover ParkFirst-Time Buyer in Rock IslandFirst-Time Buyer in AddisonFirst-Time Buyer in OswegoFirst-Time Buyer in Calumet CityFirst-Time Buyer in NorthbrookFirst-Time Buyer in WoodridgeFirst-Time Buyer in Glendale HeightsFirst-Time Buyer in St. CharlesFirst-Time Buyer in O'FallonFirst-Time Buyer in Elk Grove VillageFirst-Time Buyer in Pekin

Frequently asked questions

Yes. First-Time Buyer loans are available statewide in Illinois through approved lenders, subject to county loan limits where they apply.

Often yes. Illinois Housing Development Authority (IHDA) and local programs frequently pair assistance with FHA, conventional, VA or USDA first mortgages. Eligibility depends on income, price and program rules.

Answer a few questions on Purchase Mortgage Loan and we'll match you with lenders and loan officers in our network who serve Illinois.

Get matched with First-Time Buyer lenders in Illinois

Answer a few quick questions and get matched with purchase mortgage lenders in your area. Free, and it won't affect your credit score.

Get My Matches

Figures on this page are estimates for educational purposes only and are not a loan offer or commitment to lend. Rates, loan limits, fees and assistance programs change frequently and vary by lender, location and borrower profile. Confirm current terms with a licensed loan officer.