Learn More About the Chicago Home Buyer’s Assistance Program
If you’re interested in a buying a Chicago condo or single family home, a new city initiative may make it easier by providing support for down payments and closing costs.
Through the Home Buyer, Assistance Program qualified buyers may receive a grant for up to 5 percent of the total loan amount based on income. The program is intended to assist a broad range of families. Depending on whether they select an FHA-insured loan or a loan insured by Fannie Mae or Freddie Mac, home buyers can have annual incomes of up to 160 percent of the area median income – approximately $121,000.
The typical home in Chicago is sold for $250,000, meaning a homebuyer could receive a grant of more than $12,000 to help them cover down payment and closing costs within the city limits.
The program is open to families or individuals who are buying a home. First-time buyers must complete a homebuyer education course.
The Home Buyer Assistance Program is part of Mayor Emanuel’s initiative to expand housing opportunities in local neighborhoods. In 2014, the Mayor launched his Five-Year Housing Plan to invest $1.3 billion in public and private funds toward the construction, rehab, and preservation of more than 40,000 units of housing citywide. Through the third quarter of last year, more than $200 million has been allocated in 2015 to support more than 6,187 units of affordable housing.
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