Down Payment Assistance Cheat Sheet for 2023

Almost all states have some sort of state run program that looks similar to IDHA, here in Illinois.


State-run Programs (IDHA – Illinois & Indiana, CHFA – Colorado, HFFC – Florida)

Most states have 3 options

$6,000 forgivable

$7,500 paid back when they sell

$10,000 monthly paid back

Generally, you will need 640 plus scores, DTI under 45% and income similar or below the annual medium income for that area. New DTI has gone up to 50% DTI when scores about 680.

Most state run grant programs require 3 years tax transcripts.

Note- forgivable – you must live in the home for 10 years.


City or County Programs

Almost identical to the state run qualifications but this program may used be only in a very unique counties or towns. Florida has quite a few new grant options for different areas of the state.


But the most unique program out there is Chenoa Fund.

This program is linked to a FHA loan and can go up to 5% of the sale price. This means in most cases the down payment and the closings are both covered in this grant program.

The program is repayable and has a forgivable option if needed.

You can qualify with scores as low as 620, and the DTI as high as 50%. There are no income restrictions. So, this program is great for higher sale prices that the customer has all of the means to afford this home but due to certain circumstances they are not able to save for down payment.

No tax transcripts needed.

Here is an example:

Sale price $470,000.00

Grant is $23,500.00

FHA down payment requirements are $16,450.00

This leaves $7,050.00 for closing costs and pre-paids.

This customer, in most cases will come to the closing table with little to no money.