Downpayment Plus Program (FHLBank Chicago)

Administered by: Federal Home Loan Bank of Chicago · Nonprofit · Grant

Funding status: Active

How much assistance

Up to $6,000 (3:1 match of buyer contribution, max $6,000) (Grant)

Forgivable over a 5-year period of owner-occupancy.

Eligibility

  • Income limits: At or below 80% AMI.
  • First-time buyer required: No
  • Geographic restrictions: Available in Wisconsin and Illinois through participating FHLBank Chicago member institutions.
  • Homebuyer education required: Yes

How to Apply for Downpayment Plus Program (FHLBank Chicago)

Step 1: Apply through a participating FHLBank Chicago member bank or credit union. Complete pre-purchase homebuyer education and counseling. Contribute a minimum of $1,000 of own funds (matched 3:1 up to $6,000).

Visit program website

Notes

If buyer contributes $1,000, maximum DPP grant is $3,000. If buyer contributes $2,000 or more, maximum is $6,000. Available through participating lenders like Prime Financial Credit Union.

Cities Where This Program Is Available