Deferred, Forgivable or Repayable: Which Costs You Least
Program and regulatory figures verified September 25, 2026. Details change; confirm your scenario with us.
These three are where most Illinois buyers actually land, and the choice between them is about what happens later rather than what arrives at closing.
The comparison that matters
Terms for all three come from the IHDA program directory, read 2026-09-25.
| Repayable | Deferred | Forgivable | |
|---|---|---|---|
| Assistance | 10%, max $10,000 | 5%, max $7,500 | 4%, max $6,000 |
| Term | 10 years | 30 years | 10 years |
| Monthly payment | Yes, zero interest | None | None |
| Owed if you stay | Repaid in full | Still owed | Nothing, once forgiven |
| Owed if you sell early | Balance | Full amount | Balance not yet forgiven |
If you intend to stay
Forgivable wins, and it is not close. 4% to a $6,000 maximum that disappears across 10 years beats 10% that you repay monthly and 5% that sits on the title until you sell.
The cost is size. Forgivable is the smallest program on the menu. A buyer who needs the cash more than the long-term cleanliness will look elsewhere, and that is a reasonable trade to make deliberately rather than by accident.
If you expect to move within a few years
The calculus inverts. Forgivable has not finished forgiving, so you repay the unforgiven balance. Deferred comes due in full on sale. Repayable has been amortising, so the balance is lower than it started.
For a buyer with a genuine three-to-five year horizon, Repayable's monthly payment is buying down a balance that the other two are not touching.
Let the price point decide the size question
Because every program pays the lesser of its percentage and its cap, the ranking changes with price.
| Purchase price | Repayable | Deferred | Forgivable |
|---|---|---|---|
| $100,000 | $10,000 | $5,000 | $4,000 |
| $150,000 | $10,000 | $7,500 | $6,000 |
| $250,000 | $10,000 | $7,500 | $6,000 |
At $100,000, Repayable pays two and a half times what Forgivable does. Across much of downstate Illinois, where Decatur runs at $126,812 and Danville at $101,787, that gap is the everyday situation rather than a hypothetical. Downstate detail.
What all three share
The general income limit rather than the AccessHome one, which is the main reason buyers end up here. No first-time requirement. The same minimum investment of the greater of 1% or $1,000. The same credit and DTI matrix, the same education requirement, the same property standards.
See also all four programs, the first-time program, and what you still bring.
Frequently asked questions
Which IHDA program is best if I plan to stay in the home?
IHDAccess Forgivable, in most cases. It pays 4% of the purchase price to a maximum of $6,000 and is forgiven across 10 years, so a buyer who stays owes nothing at the end. IHDAccess Deferred remains owed until you sell or refinance even after 30 years, and IHDAccess Repayable requires monthly repayment. The trade is size: Forgivable is the smallest of the three.
Which IHDA program pays the most on a lower-priced home?
IHDAccess Repayable, because its 10% rate is the highest on the menu and its $10,000 cap is not reached until a $100,000 purchase price. On a $100,000 home it pays $10,000 against $5,000 from Deferred, $4,000 from Forgivable and $6,000 from the 6% IHDAccess Home program. Across downstate Illinois, where several metros run near $100,000 to $130,000, this is the common outcome.
Do IHDAccess Deferred, Forgivable and Repayable require first-time buyer status?
No. Only IHDAccess Home carries a first-time homebuyer requirement. The other three are available to repeat buyers and use the general income limit, which is $170,100 in Cook, DuPage, Kane, Lake, McHenry and Will and $157,640 across most other Illinois counties, with no variation by household size.
What happens to IHDAccess Forgivable if I sell before 10 years?
Repayment is owed. IHDA describes the program as carrying no repayment unless the home is sold or refinanced before the 10-year forgiveness period ends. Selling or refinancing inside that window triggers repayment of the amount not yet forgiven. Staying through the full period leaves nothing owed.
Does IHDAccess Repayable charge interest?
No. IHDA describes it as a zero interest repayable down payment assistance loan with monthly repayment required over a 10-year term, paying 10% of the purchase price to a maximum of $10,000. The monthly payment reduces principal only, which means a buyer who sells partway through owes less than they borrowed.
Mike Certo · NMLS #260555 · Cornerstone First Mortgage NMLS #173855 · Equal Housing Lender. Educational content about financing, not a loan commitment and not legal or tax advice. IHDA program terms, income limits and purchase price limits are set by the Illinois Housing Development Authority and change; figures here carry the date we verified them and IHDA's own disclaimer applies, that funding and availability are subject to change and are not guaranteed until a complete reservation is placed. Loans are subject to borrower and property qualification.