FHLBank Chicago Downpayment Plus (DPP) Program

FHLBank Chicago Downpayment Plus (DPP) Program es un préstamo condonable para compradores de vivienda en Statewide, Illinois, a cargo de Federal Home Loan Bank of Chicago. Downpayment Plus (DPP) is a set-aside program of the Federal Home Loan Bank of Chicago providing forgivable grants of up to $10,000 (or 25% of first mortgage amount, whichever is less) for down payment and closing costs to income-eligible homebuyers (at or below 80% AMI) purchasing in Illinois or Wisconsin through participating FHLBank Chicago member lenders. Grants are forgiven pro-rata over a 5-year retention period. Borrower must contribute minimum $1,000 and complete both pre-purchase homebuyer education and HUD-approved counseling. Up to $10,000 forgivable grant. No interest on grant. Stackable with state/local/federal programs. Broad eligible mortgage product list. Manufactured homes eligible. 2-unit properties eligible. Land trust units eligible. Los fondos provienen de Federal Home Loan Bank of Chicago AHP set-aside funds.

FHLBank Chicago Downpayment Plus (DPP) Program ofrece hasta $10,000 de ayuda. Niveles de ayuda: None; single tier. Aporte del comprador de vivienda: Minimum $1,000 from borrower's own funds toward purchase transaction. Cash back at closing reduces contribution; more than $250 cash back deducted from reimbursement. Contribution may be earnest money, cash at closing, or costs paid outside closing. El programa se puede combinar con Federal, state, and local grants or loans including CDBG, HOME, IHDA programs; DPP Advantage for nonprofit mortgage partners. Los montos son los máximos publicados por el programa, no una oferta: Federal Home Loan Bank of Chicago determina cualquier ayuda individual.

FHLBank Chicago Downpayment Plus (DPP) Program se perdona después de 5 años, así que un comprador de vivienda que se quede ese tiempo no lo devuelve. El reembolso se activa por Sale or refinance before end of 5-year retention period unless buyer is also <=80% AMI; forgiven pro-rata monthly over 60 months; no repayment if amount due is $2,500 or less. La ayuda se registra con un gravamen en posición Second lien (retention agreement recorded on property). Los términos de condonación y reembolso los fija el programa y pueden cambiar; confírmalos en la página oficial del programa antes de presentar la solicitud.

FHLBank Chicago Downpayment Plus (DPP) Program está abierto a compradores de vivienda que vivirán en la vivienda como su residencia principal. Sobre el crédito, el programa indica: No minimum credit score stated by DPP; lender underwrites first mortgage per their own standards. DTI >45% requires AUS approval or written affordability explanation. Se requiere un curso de educación para compradores de vivienda, a través de Pre-purchase education: HUD-approved counseling agency OR Framework, eHome America, Fannie Mae HomeView, Freddie Mac CreditSmart. Pre-purchase counseling: HUD-approved counseling agency only. Both education AND counseling required; certificates required for at least one borrower. Requisito de residencia: Property must be purchased as borrower's primary residence; property may be in any state where member does business. FHLBank Chicago member must execute DPP Program Agreement and annual certification. Borrower must not receive more than $250 cash back at closing. Co-signers/guarantors/non-occupying co-borrowers render transaction ineligible. Interest-only mortgages ineligible. Loan term minimum 5 years. Member disburses grant at closing before receiving FHLBank reimbursement (~3-4 week processing). Member responsible for 5-year retention servicing even if first mortgage sold.

FHLBank Chicago Downpayment Plus (DPP) Program limita el ingreso del hogar al 80% del ingreso mediano del área, que varía según el condado y el tamaño del hogar. El límite se aplica al ingreso total del hogar, no solo al del prestatario. Las cifras del ingreso mediano del área las publica HUD y se actualizan cada año, así que consulta la tabla vigente del condado antes de basarte en una cifra.

FHLBank Chicago Downpayment Plus (DPP) Program limita el precio de compra así: No stated purchase price limit; sales price may not exceed appraised value for related-party or REO transactions. Los tipos de propiedad elegibles incluyen single-family, two-unit, condominium y manufactured home (titled as real estate). La construcción nueva es elegible. Las viviendas prefabricadas son elegibles.

FHLBank Chicago Downpayment Plus (DPP) Program atiende a compradores de vivienda que compran en Statewide, Illinois.

Las solicitudes de FHLBank Chicago Downpayment Plus (DPP) Program se tramitan a través de Federal Home Loan Bank of Chicago, que publica los términos vigentes y los pasos de la solicitud en su propio sitio. Los fondos se reservan a través de First-come, first-served via DPP Online (eBanking portal); reservations available until member limit exhausted or last business day in December. Hey Prescott no es un prestamista y no acepta solicitudes; esta página describe el programa para que un comprador de vivienda pueda llevarlo a un prestamista o a un asesor de vivienda.