Governor JB Pritzker announced the opening of a new homebuyer program designed to help increase home purchase accessibility for low- and moderate-income individuals, families and seniors interested in purchasing a home in Illinois. Administered by the Illinois Housing Development Authority (IHDA), Illinois HFA1 provides $10,000 for down payment and/or closing cost assistance to make buying a home more affordable. By offering a competitive interest rate and limiting the total fees charged to the borrower, IHDA programs are designed to be as affordable as possible. This can allow for substantial savings over the life of the loan. Funding for Illinois HFA1 is expected to assist more than 1,500 new homebuyers. Under Illinois HFA1, IHDA will provide a 30-year 1st mortgage with a fixed interest rate and $10,000 in down payment and/or closing cost assistance. The down payment assistance is provided as an interest-free 2nd mortgage with payments deferred for 30-years, meaning funds do not need to be repaid until the borrower sells the home, refinances, or pays off their mortgage. Illinois HFA1 is not exclusive to first-time buyers, may be used by buyers in any county in the state, and in some circumstances can be used in conjunction with other down payment assistance programs to increase homebuyer leverage. Interested homeowners can find additional information and a list of participating lenders at www.ihdamortgage.org.