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By Tyler Thompson · Licensed Real Estate Agent · Updated April 15, 2026

Homebuyer Programs in Quincy, IL (2026)

Population: 38,803 | Median home price: $170,000 | Est. closing costs: $3,500 - $5,000

Skyline of Quincy, IL

Quincy is the seat of Adams County, a historic Mississippi River city in western Illinois with roughly 39,000 residents. The local market is one of the most affordable in the state — median home prices hover around $170,000. That affordability stacks favorably with state and local assistance. The Adams County Homebuyer Assistance Program, administered by the Adams Economic Alliance, offers a zero-interest loan to buyers employed by Adams County employers, with a preference for first-time buyers. Quincy Area Habitat for Humanity builds and renovates homes for low-income families, selling them with zero-interest mortgages through their traditional partner-family model. Statewide IHDA programs add major help — IHDA Access Forgivable (4% of purchase price up to $6,000), IHDA Access Repayable (10% up to $10,000), and IHDA SmartBuy ($5,000 DPA plus up to $40,000 toward student loan payoff) can cover most or all of a first-time buyer's down payment on a typical Quincy home.

County Programs in Adams County

Adams County IL Homebuyer Assistance Program
Type:
Zero-Interest Loan
Amount:
Zero-interest loan (amount varies; not publicly specified)
First-time only:
No

State Programs in Illinois

FHLBank Chicago Downpayment Plus (DPP)
Type:
Grant
Amount:
Up to $10,000 forgivable grant (lesser of $10,000 or 25% of the first mortgage amount)
First-time only:
No
IHDA Access Deferred
Type:
Deferred Loan
First-time only:
Yes
IHDA Access Forgivable
Type:
Forgivable Loan
First-time only:
Yes
IHDA Access Repayable
Type:
Zero-Interest Loan
First-time only:
Yes
IHDA Mortgage Credit Certificate (MCC)
Type:
Tax Credit
First-time only:
Yes
IHDA SmartBuy
Type:
Forgivable Loan
First-time only:
Yes
IHDAccess Home
Type:
Deferred Loan
First-time only:
Yes
Opening Doors / Abriendo Puertas
Type:
Forgivable Loan
First-time only:
Yes

Federal Programs

FHA Loans
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
Good Neighbor Next Door (HUD)
Type:
Government Property Sale Program
Amount:
50% discount off the list price of HUD-owned homes
First-time only:
Yes
Home Possible Mortgage (Freddie Mac)
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
HomeReady Mortgage (Fannie Mae)
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
HUD $100 Down Program
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
USDA Rural Development Loans
Type:
Government-Guaranteed Mortgage
Amount:
100% financing (no down payment required); loan amount up to appraised value
First-time only:
No
VA Loans
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

Quincy Area Habitat for Humanity
Type:
Zero-Interest Loan
Amount:
Zero-interest affordable mortgage on newly built or renovated Habitat home
First-time only:
No

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How to Apply

Step 1: Check your eligibility. IHDA targets buyers at or below 80-100% of Area Median Income. The Adams County program is tied to employment — you (or a co-borrower) must work for an Adams County employer. Pull recent tax returns, pay stubs, and a current credit report before you start.

Step 2: Complete HUD-approved homebuyer education. IHDA-backed loans and Habitat applications require a certificate. Online options like eHomeAmerica or Framework are accepted by most lenders.

Step 3: Contact the Adams Economic Alliance to request a full packet for the Adams County Homebuyer Assistance Program and confirm current loan amounts and income limits. Review the guidelines PDF first if available.

Step 4: Get pre-approved with an IHDA-participating lender. Local lenders serving Quincy include area community banks and credit unions — IHDA's participating lender list is published at ihda.org.

Step 5: Look at Quincy Area Habitat for Humanity in parallel. Contact the affiliate at 521 State St, Quincy, IL or 217-223-4224 if you are in the income range and open to their partner-family model with sweat equity hours.

Step 6: Find a home within program limits. IHDA purchase price caps for Adams County typically run well above Quincy's $170,000 median, so most homes qualify.

Step 7: Close and move in. A stacked-assistance close typically runs 45-60 days from contract.

Frequently Asked Questions

How much down payment assistance can I get in Quincy?+
A first-time buyer combining the Adams County Homebuyer Assistance Program's zero-interest loan with IHDA Access Forgivable (4% up to $6,000) and FHLBank Chicago Downpayment Plus (up to $10,000) can assemble $15,000-$20,000+ in layered assistance. IHDA Access Repayable adds up to $10,000 more as a zero-interest deferred loan. IHDA SmartBuy layers $5,000 DPA plus up to $40,000 toward student loan payoff for eligible buyers.
Do I have to be a first-time homebuyer?+
The Adams County program prioritizes first-time homebuyers but does not strictly require first-time status. Most IHDA programs do require first-time buyer status (no primary residence in the last 3 years), with exceptions for federally designated target areas. Habitat generally requires that applicants not currently own adequate housing.
What is the maximum home price I can buy?+
IHDA sets county-by-county purchase price caps. For Adams County, the cap typically runs in the $350,000+ range — well above Quincy's $170,000 median, so most homes on the market qualify. The Adams County program does not publish a specific purchase price cap online.
What homebuyer education is required?+
IHDA-backed loans require completion of a HUD-approved homebuyer education course. Online options like eHomeAmerica or Framework are accepted by most lenders and typically cost $75-$99. The Adams County program's education requirement is not published online.
Does the Adams County loan need to be repaid?+
Yes. The Adams County Homebuyer Assistance Program is structured as a zero-interest loan that is repaid when the borrower sells the home, transfers title, or takes out additional equity. It is not a forgivable grant.
How long do I have to stay in the home?+
IHDA Access Forgivable is forgiven at 10 years of owner-occupancy. IHDA Access Deferred is repaid when you sell, refinance, or move out. The Adams County program's loan is repayable on sale, transfer, or equity withdrawal. Habitat mortgages run 20-30 years with standard monthly payments.

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