State Buyer Guide
Down payment assistance, Illinois housing programs, closing cost estimates, and what to know before buying — including from FSBO sellers.
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The Illinois Housing Development Authority (IHDA) is your primary source for below-market mortgage rates and down payment assistance in Illinois. Programs are available through approved lenders — not directly through the HFA.
Forgivable down payment assistance with a 30-year fixed-rate mortgage.
Larger DPA as a 0% interest deferred second mortgage.
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Compare Mortgage Rates →On a $285,000 home: approximately $8,550
Illinois charges $0.50 per $500 (0.1%) state transfer tax. Chicago adds $7.50/$1,000, and Cook County adds its own tax — combined total in Chicago approaches 1.2%.
Illinois does not legally require an attorney at closing, but both buyer and seller typically hire one for contract review. Budget $500–$1,000 and strongly consider it for FSBO transactions.
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Find an Inspector →While Illinois doesn't require an attorney at closing, FSBO buyers should strongly consider having one review the purchase agreement and title work.
Nolo has been the go-to legal resource for DIY buyers since 1971. Their real estate guides explain purchase agreements, contingencies, and closing in language anyone can understand.
Browse Legal Guides →Get a real estate attorney to review your purchase agreement or help you draft an offer letter — often for a fraction of traditional legal fees.
Get Legal Help →Download state-specific purchase agreements, addenda, and disclosure forms — written by attorneys, ready to use in your state.
Browse Real Estate Forms →Illinois first-time buyers can access programs through the Illinois Housing Development Authority (IHDA) (https://www.ihda.org/), including the IHDA Access Forgivable (4% of purchase price (max $6,000) — forgiven after 10 years) and the IHDA Access Deferred (5% of purchase price (max $7,500) at 0% — deferred until sale or payoff). Federal programs like FHA loans (3.5% down) and USDA loans (0% down in eligible areas) are also available.
Closing costs in Illinois typically run 3% of the purchase price. Transfer tax: 0.1% state; Chicago ~1.2% total. Illinois charges $0.50 per $500 (0.1%) state transfer tax. Chicago adds $7.50/$1,000, and Cook County adds its own tax — combined total in Chicago approaches 1.2%.
Illinois does not legally require an attorney at closing, but both buyer and seller typically hire one for contract review. Budget $500–$1,000 and strongly consider it for FSBO transactions.
The median home price in Illinois is approximately $285,000. Property taxes average 2.23% of assessed value annually.
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