Illinois Homebuyer Assistance

 

Illinois Housing Development Authority (IHDA) 

1st Home Illinois program is available in Cook County and combines a 30-year fixed rate mortgage with a $7500 down payment assistance grant.  This program is available to first-time homebuyers, veterans and anyone who hasn’t owned a home in the last three years.

 

City of Chicago Council

The Home Buyer Assistance Program is open to families and individuals who are buying a home or refinancing an existing mortgage.  The program can be used for the purchase of SF homes, town homes, condominiums, and owner-occupied properties containing up to four units.  First tie homebuyers must complete a home buyer education course when participating in the program.  Qualified buyers may receive a grant for up to 7% of the total loan amount based on income.  The program is intended to assist a broad range of families that include middle- and low-income households.  Depending on whether a home buyer selects a FHA-insured loan or a loan insured by Fannie Mae or Freddie Mac, home buyers can have an annual income of up to approximately $131,775.  Qualified borrowers will be required to contribute the lesser of $1K or 1% of home purchase price at the closing.

 

Federal Home Loan Bank of Chicago

Downpayment Plus (DPP) is a matching program that provides down payment and closing cost assistance for very low-, low- and moderate-income homebuyers.  Funds are available to qualifying borrowers through FHLBCC member financial institutions.  The assistance is provided is in the form of a forgivable grant (subsidy) paid on behalf of the borrower at the time the borrower closes on first mortgage financing with a participating FHLBC member financial institution.

Downpayment Plus Advantage (DPP) assists very low-, low- and moderate-income homebuyers participating in homeownership programs offered by non-profit organizations in Illinois that provide mortgage financing directly to the homebuyer.  Non-profit organizations providing direct first mortgage financing, such as Habitat for Humanity, must partner with an FHLBC member financial institution in order to access DPP Advantage.

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