Illinois Hardest Hit Fund Homeowner Emergency Loan Program.

This program is offered as part of the fund for those who have been hit the hardest. If you are unemployed, have had a reduction in work hours, or a reduction in income, you may be eligible for mortgage payment assistance from the government. The program is designed to help people make their mortgage payments while they are looking for a new job or trying to increase their income to previous levels.

Overview of the Illinois Hardest Hit Fund, known as the Emergency Loan Program

The program will provide low to moderate income homeowners in Illinois with a loan that has to be used to pay their housing expenses, such as their mortgage, property taxes, insurance, and other expenses. This loan has a 0% interest rate. The client of the program can use the money for up to 18 months.

The amount of financial assistance provided will vary depending on where the family lives, their income, and other criteria.

Loan details from the Illinois Homeowner Program

If you are eligible, you may be able to borrow up to $25,000. The loan will be for a set period of time with no interest and no payments required during that time. The loan will be secured by the equity in the borrower’s home. This means that you will need to pledge something of value to the lender in order to secure the loan.

The loan amount will be forgiven over the last five years of the ten year term. If the homeowner sells or refinances the property within the 10 year term of the original loan, the borrower will only have to repay the outstanding amount if there is enough equity left over from the sale.


There are many requirements that must be met. Some of the things that they talked about are listed below.

All homeowners who are applying for assistance need to be unemployed, have a reduction in income, or be underemployed through no fault of their own.

Households applying for the Homeowner Emergency Loan Program must show that their income has decreased by at least 25%.

The borrower’s monthly mortgage payment must be more than 31% of their current household income. Homeowners in Illinois must be able to demonstrate financial hardship to be eligible for the hardest hit program. This includes submitting a hardship affidavit and providing documentation of income loss.

The program provides short term relief for Illinois borrowers by giving them an action plan to follow to regain financial independence, catch up on housing payments, and find employment. They may need to consult with a mortgage specialist in Illinois.

The applicant must have been making regular payments on their home before their income was reduced or they lost their job. This means that the borrower must have been current on their mortgage for at least the past 6 months.

Additionally, homeowners will have to show that they can afford the payments on the home in the future. They need to show that they were making their mortgage payments on time before they lost their job or had a significant reduction in income.

How to apply

You will need to contact a local organization that provides housing assistance. However, for more information about the Homeowner Emergency Loan Program, call the Illinois Housing Development Authority at (312) 836-5200.

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