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Chicago Home Buyer Assistance Program

Illinois

Available Assistance

The Chicago Home Buyer Assistance Program provides applicants with down payment and/or closing cost assistance in the form of a grant for up to 7 percent of the total loan amount, based on income. Unlike most down payment assistance programs, this grant is not exclusive to first-time homebuyers. Anyone who meets the income and credit score requirements is eligible for the program. The funds can also be used to refinance a home, as long as there is no cash back going to the applicant.

Eligibility Requirements

All applicants must meet certain requirements to be considered eligible for the Chicago Home Buyer Assistance Program. Qualified borrowers must contribute $1,000 or 1 percent of home purchase price (whichever is lesser) from their own funds. The program is intended to assist a broad range of families that include middle- and low-income households, but there are income and credit score limits based on the type of first mortgage a borrower secures. FHA, VA, USDA loan borrowers must have an annual household income no higher than $88,435 (regardless of family size) and a minimum credit score of 580 to qualify, whereas Fannie Mae/Freddie Mac borrowers must have income less than $131,775 (regardless of family size), and a credit score no lower than 640.

Property Guidelines

Under the Chicago Home Buyer Assistance Program, applicants are permitted to buy single-family homes, town homes, condominiums and owner-occupied properties containing up to four units.

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