June 29, 2021
homeownership grants and programs
A Guide to Homeownership Grants and Programs
By LLCR Staff

At Luxury Living Chicago Realty, we want any potential homeowner to walk through the buying process as informed and confident as possible. That is why we have put together a guide to homeownership grants and programs.

Here are different Illinois and Chicago homeownership grants to consider or be aware of:

  • 1st Home of Illinois- The Illinois Housing Development Authority introduced this financial assistance program to help first-time home buyers purchase the home of their dreams. It helps with down payment or closing cost assistance for first-time homeowners and veterans purchasing existing homes.
  • Federal Home Loan Bank of Chicago Downpayment Plus & Plus Advantage- The Downpayment Plus Programs offer its members easy-to-access down payment and closing costs assistance programs for very low-, low- and moderate-income home buyers to help them afford upfront costs associated with purchasing a home. These expenses are either paid in a forgivable grant or offered by a nonprofit organization.
  • IHDAccess Forgiven- This mortgage program provides 4% of the purchase price up to $6,000 in assistance for the down payment and closing costs. This money is considered a gift and is forgiven monthly over ten years. First-time and repeat homebuyers across Illinois are eligible for this program.
  • IHDAcess Deferred– This financial assistance program provides 5% of the purchase price up to $7,5000 for the down payment and closing costs. The funds are offered as an interest-free loan and deferred through the life of the mortgage.  First-time homebuyers and repeat buyers are eligible for this mortgage. The borrower must have a minimum credit score of 640.
  • IHDAccess Repayable– Those who qualify for this mortgage receive 10% of the purchase price up to $10,000 in financial assistance for the down payment and closing costs. The funds provided are considered an interest-free loan and repaid monthly over ten years. 

Illinois and the city of Chicago also offers a variety of programs and initiatives for homebuyers:

The homeownership grants and programs offered in Illinois and Chicago have helped ensure that more people can make securing their dream home a reality. If you are looking to find your very own place to call home, connect with one of our real estate experts today!

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