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:
- Down Payment Plus Programs
- HOMEbuyer Program
- City of Alton’s Homeownership Program
- Joliet Down Payment Assistance Program
- Kane County First-Time Homebuyer Program
- Normal Homebuyer’s Down Payment Assistance Program
- Romeoville Assist Program