Chicago Home Buyer Assistance Program

The Chicago Home Buyer Assistance program was founded by the City Council of Chicago.

The amount offered depends on the applicant’s income and the loan amount. A grant for as much as 7% of the loan amount can be used to help cover the costs associated with the down payment or closing. This grant can also be used to refinance a property, with the condition that there is no cashback to the borrower.

In order to qualify, individuals must meet certain income and credit score requirements. As of 2020, these are:

Annual Household Income for FHA, VA, and USDA: no higher than $131,775

Credit Score for FHA, VA, and USDA: no lower than 580

Annual Household Income for Fannie Mae or Freddie Mac: no higher than $88,435

Credit Score for Fannie Mae or Freddie Mac: no lower than 640

A minimum of $1,000 (or 1% of the sale price of the house, if that amount is less than $1,000) must be put down from the applicant’s own assets. A homebuying education class must also be completed. Single-family houses, townhouses, condominiums and owner-occupied properties (with no more than four units) are all allowed.

Other programs in Illinois:

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