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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

Skyline of Streamwood, IL

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

Cook County Down Payment Assistance Program
Type:
Forgivable Loan
Amount:
5% of home sale price up to ,000
First-time only:
No

State Programs in Illinois

FHLBank Chicago Downpayment Plus (DPP)
Type:
Grant
Amount:
Up to ,000
First-time only:
No
IHDA Access Deferred
Type:
Deferred Loan
Amount:
5% of purchase price up to ,500
First-time only:
Yes
IHDA Access Forgivable
Type:
Forgivable Loan
Amount:
4% of purchase price up to ,000
First-time only:
Yes
IHDA Access Repayable
Type:
Zero-Interest Loan
Amount:
10% of purchase price up to ,000
First-time only:
Yes
IHDA Mortgage Credit Certificate (MCC)
Type:
Tax Credit
Amount:
Federal tax credit: 25% of annual mortgage interest (capped at ,000/year)
First-time only:
Yes
IHDA SmartBuy
Type:
Forgivable Loan
Amount:
,000 DPA plus up to ,000 toward student loan payoff
First-time only:
Yes
IHDAccess Home
Type:
Deferred Loan
Amount:
Up to ,000 (6% of purchase price)
First-time only:
Yes
Opening Doors / Abriendo Puertas
Type:
Forgivable Loan
Amount:
Up to ,000
First-time only:
Yes

Federal Programs

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
FHLBA Community Partners Product
Type:
Forgivable Loan
Amount:
Up to $20,000 in home purchase assistance for down payment and closing costs
First-time only:
No
FHLBA First Time Homebuyer Product
Type:
Forgivable Loan
Amount:
Up to $17,500 in home purchase assistance for down payment and closing costs
First-time only:
Yes
FHLBA Workforce Housing Plus+
Type:
Forgivable Loan
Amount:
Up to $15,000 in home purchase assistance for down payment and closing costs
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

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

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

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