See programs you qualify for

By Tyler Thompson · Licensed Real Estate Agent · Updated April 15, 2026

Homebuyer Programs in Streamwood, IL (2026)

Population: 37,780 | Median home price: $325,000 | Est. closing costs: $6,500 - $10,000

Streamwood is a northwest Chicago suburb in Cook County with about 38,000 residents and a median home price around $325,000. The Village of Streamwood does not administer its own homebuyer program, so buyers rely on Cook County and statewide Illinois programs. Cook County's Down Payment Assistance Program offers up to $25,000 (5% of sale price) as a forgivable second loan for both first-time and repeat buyers — but has exhausted funding in past cycles, so verify availability before building an offer around it. IHDA's full suite stacks on top: IHDA Access Forgivable (4% up to $6,000), IHDA Access Repayable (10% up to $10,000 zero-interest), IHDA SmartBuy ($5,000 DPA plus up to $40,000 toward student loan payoff), the Mortgage Credit Certificate, and the FHLBank Chicago Downpayment Plus grant (up to $10,000). Regional counseling through North West Housing Partnership in nearby Schaumburg provides HUD-approved education and program navigation for the northwest Chicago suburbs, including Streamwood.

County Programs in Cook County

Program Name	Type	Amount	First-Time Only	Details
Cook County Down Payment Assistance Program	Forgivable Loan	—	No	View →

Cook County Down Payment Assistance Program

Type:: Forgivable Loan
First-time only:: No

State Programs in Illinois

Program Name	Type	Amount	First-Time Only	Details
FHLBank Chicago Downpayment Plus (DPP)	Grant	Up to $10,000 forgivable grant (lesser of $10,000 or 25% of the first mortgage amount)	No	View →
IHDA Access Deferred	Deferred Loan	—	Yes	View →
IHDA Access Forgivable	Forgivable Loan	—	Yes	View →
IHDA Access Repayable	Zero-Interest Loan	—	Yes	View →
IHDA Mortgage Credit Certificate (MCC)	Tax Credit	—	Yes	View →
IHDA SmartBuy	Forgivable Loan	—	Yes	View →
IHDAccess Home	Deferred Loan	—	Yes	View →
Opening Doors / Abriendo Puertas	Forgivable Loan	—	Yes	View →

FHLBank Chicago Downpayment Plus (DPP)

Type:: Grant
Amount:: Up to $10,000 forgivable grant (lesser of $10,000 or 25% of the first mortgage amount)
First-time only:: No

IHDA Access Deferred

Type:: Deferred Loan
First-time only:: Yes

IHDA Access Forgivable

Type:: Forgivable Loan
First-time only:: Yes

IHDA Access Repayable

Type:: Zero-Interest Loan
First-time only:: Yes

IHDA Mortgage Credit Certificate (MCC)

Type:: Tax Credit
First-time only:: Yes

IHDA SmartBuy

Type:: Forgivable Loan
First-time only:: Yes

IHDAccess Home

Type:: Deferred Loan
First-time only:: Yes

Opening Doors / Abriendo Puertas

Type:: Forgivable Loan
First-time only:: Yes

Federal Programs

Program Name	Type	Amount	First-Time Only	Details
FHA Loans	Government-Insured Mortgage	Up to FHA county loan limits ($541,287 floor to $1,249,125 ceiling for single-family in 2026)	No	View →
Good Neighbor Next Door (HUD)	Government Property Sale Program	50% discount off the list price of HUD-owned homes	Yes	View →
Home Possible Mortgage (Freddie Mac)	Government-Guaranteed Mortgage	Up to conforming loan limits ($832,750 standard / $1,249,125 high-cost in 2026); 3% minimum down payment	No	View →
HomeReady Mortgage (Fannie Mae)	Government-Guaranteed Mortgage	Up to conforming loan limits ($832,750 standard / $1,249,125 high-cost in 2026); 3% minimum down payment	No	View →
HUD $100 Down Program	FHA-Financed HUD REO Purchase	Only $100 down payment required (vs. standard 3.5% FHA down payment). HUD may also pay up to 3% of buyer's closing costs.	No	View →
USDA Rural Development Loans	Government-Guaranteed Mortgage	100% financing (no down payment required); loan amount up to appraised value	No	View →
VA Loans	Government-Guaranteed Mortgage	No loan limit for veterans with full entitlement (0% down at any price); partial entitlement subject to conforming limits ($832,750 standard in 2026)	No	View →

FHA Loans

Type:: Government-Insured Mortgage
Amount:: Up to FHA county loan limits ($541,287 floor to $1,249,125 ceiling for single-family in 2026)
First-time only:: No

Good Neighbor Next Door (HUD)

Type:: Government Property Sale Program
Amount:: 50% discount off the list price of HUD-owned homes
First-time only:: Yes

Home Possible Mortgage (Freddie Mac)

Type:: Government-Guaranteed Mortgage
Amount:: Up to conforming loan limits ($832,750 standard / $1,249,125 high-cost in 2026); 3% minimum down payment
First-time only:: No

HomeReady Mortgage (Fannie Mae)

Type:: Government-Guaranteed Mortgage
Amount:: Up to conforming loan limits ($832,750 standard / $1,249,125 high-cost in 2026); 3% minimum down payment
First-time only:: No

HUD $100 Down Program

Type:: FHA-Financed HUD REO Purchase
Amount:: Only $100 down payment required (vs. standard 3.5% FHA down payment). HUD may also pay up to 3% of buyer's closing costs.
First-time only:: No

USDA Rural Development Loans

Type:: Government-Guaranteed Mortgage
Amount:: 100% financing (no down payment required); loan amount up to appraised value
First-time only:: No

VA Loans

Type:: Government-Guaranteed Mortgage
Amount:: No loan limit for veterans with full entitlement (0% down at any price); partial entitlement subject to conforming limits ($832,750 standard in 2026)
First-time only:: No

Nonprofit Programs

Program Name	Type	Amount	First-Time Only	Details
North West Housing Partnership (NWHP)	Grant	Down payment assistance plus free homebuyer education (amount varies)	Yes	View →

North West Housing Partnership (NWHP)

Type:: Grant
Amount:: Down payment assistance plus free homebuyer education (amount varies)
First-time only:: Yes

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How to Apply

Step 1: Check your eligibility. Cook County DPA allows income up to 120% AMI (about $143,880 for a family of four) and requires a 620 minimum credit score. IHDA programs typically target 80-100% AMI. Pull recent tax returns, pay stubs, and a current credit report.

Step 2: Complete HUD-approved homebuyer education. North West Housing Partnership (NWHP) at 1699 E Woodfield Road, Suite 404, Schaumburg, 847-969-0561, provides HUD-approved classes and certificates accepted by most IHDA lenders. Online options like eHomeAmerica and Framework also satisfy the requirement.

Step 3: Confirm Cook County DPA funding is currently open before relying on the $25,000 layer. Status is posted at club720.org/cookcounty-dpa.

Step 4: Get pre-approved with an IHDA-participating lender. IHDA's approved lender list is at ihda.org. Your lender coordinates Cook County DPA, IHDA layers, MCC tax credits, and FHLBank Chicago DPP grants.

Step 5: Find a home within program limits. IHDA sets Cook County purchase price caps (typically $500,000-$600,000), well above Streamwood's $325,000 median, so most homes qualify.

Step 6: Submit your offer. Your lender coordinates the stacked financing so everything closes together.

Step 7: Close and move in. Plan a 45-60 day timeline from contract to close with layered assistance.

Frequently Asked Questions

How much down payment assistance can I get in Streamwood?+

Cook County DPA is the largest single local layer (up to $25,000, forgivable over 5 years). Combined with IHDA Access Forgivable ($6,000 forgivable), IHDA Access Repayable ($10,000 zero-interest), and an FHLBank Chicago DPP grant (up to $10,000), a qualified buyer can assemble $40,000+ in stacked assistance. IHDA SmartBuy adds $5,000 DPA plus up to $40,000 toward student loan payoff.

Do I have to be a first-time homebuyer?+

Cook County DPA is open to both first-time and repeat buyers. Most IHDA programs require first-time buyer status (no primary residence in the past 3 years), with exceptions for federally designated target areas. NWHP programs focus on first-time buyers.

What is the maximum home price I can buy?+

IHDA's Cook County purchase price cap typically falls in the $500,000-$600,000 range, comfortably above Streamwood's $325,000 median. Cook County DPA itself does not publish a hard purchase price ceiling — income limits drive eligibility.

What homebuyer education is required?+

Cook County DPA requires education through an approved provider. IHDA-backed loans require a HUD-approved course certificate. NWHP in Schaumburg is the nearest dedicated HUD-approved provider; their certificate is widely accepted. Online options like eHomeAmerica and Framework also satisfy most lenders.

Is there a Village of Streamwood homebuyer program?+

No. The Village of Streamwood does not administer a dedicated down payment assistance or homebuyer grant program. Buyers rely on Cook County DPA, statewide IHDA programs, FHLBank Chicago DPP, and regional counseling through NWHP.

How long do I have to stay in the home?+

Cook County DPA is forgiven over 5 years — leaving or refinancing early may trigger repayment of the unforgiven portion. IHDA Access Forgivable is forgiven at 10 years. IHDA Access Deferred is repaid when you sell, refinance, or move out. FHLBank DPP has its own 5-year retention period.

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