Chicago Home Buyer Assistance

Chicago Home Buyer Assistance is a forgivable loan for homebuyers in Chicago, Illinois. The Chicago Home Buyer Assistance program provides up to $60,000 in down payment and closing cost assistance for eligible homebuyers purchasing a home in the City of Chicago. The program offers a forgivable loan administered by the City of Chicago Department of Housing in partnership with participating lenders. Assistance is forgiven over time if the borrower remains in the home as their primary residence. Up to $60,000 in forgivable loan assistance for down payment and closing costs. forgiven after 5 years if the home remains owner-occupied. available to first-time homebuyers purchasing in Chicago. compatible with FHA and Conventional loans. Funding comes from Local Government.

Chicago Home Buyer Assistance offers up to $60,000 in assistance. The program can be combined with other assistance, subject to the rules of each. Amounts are the program's published maximums, not an offer — the administering agency determines any individual award.

Chicago Home Buyer Assistance is forgiven after 5 years, so a homebuyer who stays that long does not repay it. Repayment is triggered by Sale and No Longer Primary. The assistance is recorded in 2nd Lien position. Forgiveness and repayment terms are set by the program and can change — confirm them on the official program page before applying.

Chicago Home Buyer Assistance is open to first-time homebuyers and homebuyers who will live in the home as their primary residence. "First-time homebuyer" usually means not having owned a home in the last three years, but the program sets its own definition. The program lists a minimum credit score of 620. A homebuyer education course is required. Residency requirement: No Requirement. Citizenship or immigration status: U.S. Citizen or Permanent Resident. Property must be located within Chicago city limits; must complete HUD-approved homebuyer education course; loan is forgiven after 5 years if borrower maintains primary residency; administered by City of Chicago Department of Housing.

Chicago Home Buyer Assistance limits household income to 80% of the area median income, which varies by county and household size. The limit applies to total household income, not only the borrower’s. Area median income figures are published by HUD and updated annually, so check the current table for the county before relying on a number.

Chicago Home Buyer Assistance caps the purchase price at $350,000. Eligible property types include Single Family, Condo, and Townhouse.

Chicago Home Buyer Assistance serves homebuyers purchasing in Chicago, Illinois.

Applications for Chicago Home Buyer Assistance go through the administering agency, which publishes the current terms and the application steps on its own site. Funds are reserved through First-Come-First-Served. Hey Prescott is not a lender and does not accept applications; this page describes the program so a homebuyer can take it to a lender or housing counselor.