Downpayment Plus® Program
The Downpayment Plus Program, offered by the Federal Home Loan Bank of Chicago, is a matching 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. Grants are forgiven on a monthly basis over a five-year retention period.
Through the Downpayment Plus Program*, funds may be available to eligible homebuyers to use toward a down payment and closing costs. Ask one of our mortgage officers today about the Downpayment Plus Program to see if you are eligible.
Homebuyers must meet income eligibility requirements and:
- Contribute at least $1,000 to the purchase of the home
- Complete pre-purchase homebuyer education and counseling
- Live in the home as your primary residence