Downpayment Plus is a program that provides down payment and closing cost assistance for income-eligible homebuyers. The assistance is provided in the form of a forgivable grant paid on behalf of the borrower at the time the borrower closes on mortgage financing with a participating FHLBank Chicago member financial institution. Grants are forgiven on a monthly basis over a five-year retention period.
For Downpayment Plus, the maximum grant is the lesser of:
For Downpayment Plus Advantage, the maximum grant amount is $6,000.
Program beneficiaries are required to complete both pre-purchase homebuyer education and counseling. The education requirement must be delivered by a HUD-approved counseling agency or by an online provider approved by FHLBank Chicago. The counseling requirement must be delivered by a HUD-approved counseling agency.
For more information, please visit FHLBank Chicago's Downpayment Plus page.
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