With their Downpayment Plus Programsthe Federal Home Loan Bank of Chicago offers its members easy-to-access down payment and closing cost assistance programs for low- and moderate-income homebuyers.

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Down Payment Plus Programs

Financial Assistance for Homebuyers in Illinois

With their Downpayment Plus Programs, the Federal Home Loan Bank (FHLB) of Chicago offers its members easy-to-access down payment and closing cost assistance programs for low- and moderate-income homebuyers in order to help their customers afford the upfront costs that come with buying a home.

The Downpayment Plus (DPP) offers FHLB Chicago members can access to subsidies of up to $6,000 per household to assist homebuyers with whom they are financing first mortgages. The subsidy may be used for down payment and closing cost assistance, homebuyer counseling costs (up to $700), and/or eligible rehabilitation costs associated with the purchase of a home. Household income and other restrictions apply.

The Downpayment Advantage Program is designed to help borrowers participating in mortgage programs with non-profit organizations. All non-profits must be registered as a partner with FHLB Chicago to gain access to subsidies provided in the DPP Advantage program. The funds can be used for the same purposes as those stated under the Downpayment Plus Program.

To be considered for the Downpayment Plus Programs, homebuyers must meet income eligibility requirements and…
  • Apply for first-mortgage financing with a participating member
  • Provide an executed purchase contract
  • Have an annual household income at or below 80% of the HUD median income of the county in which the property is located, adjusted for household size, per the Income Calculation Guidelines
  • Disclose current income sources and pending changes in income or employment status. Provide income verification documents as requested
  • Contribute a minimum of $1,000 from personal funds toward the purchase of the home for DPP
  • Complete a homebuyer counseling program prior to receiving grant funds
  • Sign all required documents including, but not limited to:
    • The Certificate of Borrower Eligibility certifying household income, and
    • A retention agreement for the DPP grant to be recorded on the property
  • Repay a pro rata share of the grant, if necessary, due to sale or refinancing before the end of the five year retention period

Down Payment Grants in Illinois

With their Downpayment Plus Programsthe Federal Home Loan Bank of Chicago offers its members easy-to-access down payment and closing cost assistance programs for low- and moderate-income homebuyers.