What they are?
What is it?
Gift funds allow approved family members or donors to contribute money toward down payment or closing costs.
How does it work?
- Funds are gifted, not repaid
- Documented with a signed gift letter
and proof of transfer.
Where is it available?
Loan types available
FHA, VA, USDA, Conventional (including HomeReady® / Home
Possible®).
Where available in Illinois
- Available statewide
- Commonly combined with IHDA or lender DPA programs.
Key Qualifications
Qualification requirements
- Eligible donor source
- Signed gift letter
- Proof of funds
- No repayment permitted
