See programs you qualify for
Get Matched Free →By Tyler Thompson · Licensed Real Estate Agent · Updated April 15, 2026
Homebuyer Programs in Mount Prospect, IL (2026)
Mount Prospect is a northwest Cook County suburb with a median home price of approximately $370,000. The Village of Mount Prospect does not operate its own down payment assistance program but refers residents to state IHDA programs and Cook County resources through its Housing Programs department. Eligible first-time buyers can combine IHDAccess Home with up to $15,000, IHDA Access Forgivable with up to $6,000, or Access Deferred with up to $7,500, along with federal FHA and VA loans. The Cook County Down Payment Assistance Program (up to $25,000) is currently closed. Habitat for Humanity of Northern Fox Valley serves the northwest suburbs with affordable homeownership options. Stacking state assistance with a low-down-payment federal loan can meaningfully reduce the cash needed to buy in Mount Prospect.
County Programs in Cook County
| Program Name | Type | Amount | First-Time Only | Details |
|---|---|---|---|---|
| Cook County Down Payment Assistance Program | Forgivable Loan | — | No | View → |
- Type:
- Forgivable Loan
- First-time only:
- No
State Programs in Illinois
| Program Name | Type | Amount | First-Time Only | Details |
|---|---|---|---|---|
| FHLBank Chicago Downpayment Plus (DPP) | Grant | Up to $10,000 forgivable grant (lesser of $10,000 or 25% of the first mortgage amount) | No | View → |
| IHDA Access Deferred | Deferred Loan | — | Yes | View → |
| IHDA Access Forgivable | Forgivable Loan | — | Yes | View → |
| IHDA Access Repayable | Zero-Interest Loan | — | Yes | View → |
| IHDA Mortgage Credit Certificate (MCC) | Tax Credit | — | Yes | View → |
| IHDA SmartBuy | Forgivable Loan | — | Yes | View → |
| IHDAccess Home | Deferred Loan | — | Yes | View → |
| Opening Doors / Abriendo Puertas | Forgivable Loan | — | Yes | View → |
- Type:
- Grant
- Amount:
- Up to $10,000 forgivable grant (lesser of $10,000 or 25% of the first mortgage amount)
- First-time only:
- No
- Type:
- Deferred Loan
- First-time only:
- Yes
- Type:
- Forgivable Loan
- First-time only:
- Yes
- Type:
- Zero-Interest Loan
- First-time only:
- Yes
- Type:
- Tax Credit
- First-time only:
- Yes
- Type:
- Forgivable Loan
- First-time only:
- Yes
- Type:
- Deferred Loan
- First-time only:
- Yes
- Type:
- Forgivable Loan
- First-time only:
- Yes
Federal Programs
| Program Name | Type | Amount | First-Time Only | Details |
|---|---|---|---|---|
| FHA Loans | Government-Insured Mortgage | Up to FHA county loan limits ($541,287 floor to $1,249,125 ceiling for single-family in 2026) | No | View → |
| Good Neighbor Next Door (HUD) | Government Property Sale Program | 50% discount off the list price of HUD-owned homes | Yes | View → |
| Home Possible Mortgage (Freddie Mac) | Government-Guaranteed Mortgage | Up to conforming loan limits ($832,750 standard / $1,249,125 high-cost in 2026); 3% minimum down payment | No | View → |
| HomeReady Mortgage (Fannie Mae) | Government-Guaranteed Mortgage | Up to conforming loan limits ($832,750 standard / $1,249,125 high-cost in 2026); 3% minimum down payment | No | View → |
| HUD $100 Down Program | FHA-Financed HUD REO Purchase | Only $100 down payment required (vs. standard 3.5% FHA down payment). HUD may also pay up to 3% of buyer's closing costs. | No | View → |
| USDA Rural Development Loans | Government-Guaranteed Mortgage | 100% financing (no down payment required); loan amount up to appraised value | No | View → |
| VA Loans | Government-Guaranteed Mortgage | No loan limit for veterans with full entitlement (0% down at any price); partial entitlement subject to conforming limits ($832,750 standard in 2026) | No | View → |
- Type:
- Government-Insured Mortgage
- Amount:
- Up to FHA county loan limits ($541,287 floor to $1,249,125 ceiling for single-family in 2026)
- First-time only:
- No
- Type:
- Government Property Sale Program
- Amount:
- 50% discount off the list price of HUD-owned homes
- First-time only:
- Yes
- Type:
- Government-Guaranteed Mortgage
- Amount:
- Up to conforming loan limits ($832,750 standard / $1,249,125 high-cost in 2026); 3% minimum down payment
- First-time only:
- No
- Type:
- Government-Guaranteed Mortgage
- Amount:
- Up to conforming loan limits ($832,750 standard / $1,249,125 high-cost in 2026); 3% minimum down payment
- First-time only:
- No
- Type:
- FHA-Financed HUD REO Purchase
- Amount:
- Only $100 down payment required (vs. standard 3.5% FHA down payment). HUD may also pay up to 3% of buyer's closing costs.
- First-time only:
- No
- Type:
- Government-Guaranteed Mortgage
- Amount:
- 100% financing (no down payment required); loan amount up to appraised value
- First-time only:
- No
- Type:
- Government-Guaranteed Mortgage
- Amount:
- No loan limit for veterans with full entitlement (0% down at any price); partial entitlement subject to conforming limits ($832,750 standard in 2026)
- First-time only:
- No
Nonprofit Programs
| Program Name | Type | Amount | First-Time Only | Details |
|---|---|---|---|---|
| Habitat for Humanity of Northern Fox Valley | Zero-Interest Loan | Below-market home with 0% interest Habitat mortgage | No | View → |
- Type:
- Zero-Interest Loan
- Amount:
- Below-market home with 0% interest Habitat mortgage
- First-time only:
- No
How to Apply
Step 1: Check your eligibility. For IHDAccess Home, Cook County first-time buyers can earn up to approximately $137,885 depending on household size. Income limits also apply to IHDA Access Forgivable, Deferred, and Repayable products.
Step 2: Complete HUD-approved homebuyer education. A statewide list of approved counseling agencies is available through IHDA and HUD.gov.
Step 3: Check whether the Cook County Down Payment Assistance Program has reopened. Contact the Cook County Bureau of Economic Development for current funding status.
Step 4: Get pre-approved with an IHDA-participating lender. The full list is at ihdamortgage.org.
Step 5: Find a home within IHDA purchase price limits. Your lender will confirm the current maximum at pre-approval.
Step 6: Submit your application through your IHDA lender. Closing typically occurs 30-45 days after contract.
Frequently Asked Questions
How much down payment assistance can I get in Mount Prospect?+−
Do I have to be a first-time homebuyer?+−
What is the maximum home price?+−
What homebuyer education is required?+−
Does the Village of Mount Prospect offer a local homebuyer grant?+−
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