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Down Payment Plus Programs

Illinois

Available Assistance

The Downpayment Plus (DPP) is a matching program that works on a 3:1 ratio of the homebuyer’s net contribution, capped at $6,000 25 percent of the first mortgage. So if the homebuyer contributes the minimum required contribution of $1,000, the maximum DPP grant amount will only be $3,000, but if the applicant’s investment is $2,000 or more, they will be eligible for the maximum $6,000. The assistance provided is in the form of a forgivable grant paid on behalf of the borrower, which 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.

Eligibility Requirements

To be considered for the Downpayment Plus Programs, all applicants must meet certain requirements. They must secure a first mortgage with a participating member and provide an executed purchase contract. All applicants must have an annual household income at or below 80 percent of the area median income, adjusted for household size. They must disclose current income sources and pending changes in income or employment status. In addition to the minimum $1,000-contribution, applicants are also required to complete a homebuyer counseling program prior to receiving grant funds.

Property Guidelines

All homes being purchased must serve as the applicants’ primary residences. Eligible property types include attached or detached one- or two-unit homes, condominiums, and manufactured homes. Any new constructions must be completed before closing.

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