Down Payment Assistance
Are you concerned about saving for the down payment? Illinois Housing Authority Access Deferred Program offers down payment assistance for down payment and closing costs.
- Up to $7,500 in assistance for down payment & closing costs offered as an interest-free loan, deferred for the life of your mortgage – you don’t need to repay until you sell your house, refinance, or pay off your mortgage
- All Illinois counties are eligble
- 640 minimum credit score
- Your maximum contribution is $1,000
- 30-year fixed rate mortgage with a competitive interest rate
Illinois Housing Authority Access Repayable Program offers down payment assistance for down payment and closing costs.
- Up to $10,000 assistance for down payment & closing costs offered as an interest-free loan repaid monthly over a 10 year period
- All Illinois counties are eligible
- 640 minimum credit score
- Your maximum contribution is $1,000
- 30-year fixed rate mortgage with a competitive interest rate
- New construction is allowed
Illinois Housing Authority Access Forgivable Program offers down payment assistance for down payment and closing costs.
- Up to $6,000 assistance for down payment & closing costs in assistance for down payment & closing costs, forgiven monthly over 10 years – it’s a gift that does not have to be repaid.
- All Illinois counties are eligible
- 640 minimum credit score
- Your maximum contribution is $1,000
- 30-year fixed rate mortgage with a competitive interest rate
- Available to first-time and repeat homebuyers
Chicago First Home Buyer Programs
There are some great low down payment mortgage programs such as HomeReady and FHA which allows you to use down payment assistance for the down payment and closing costs.
Rents are skyrocketing throughout the Chicagoland area with average rent for a one bedroom apartment hovering around $1,700 a month. We know paying a hefty rent every month makes it difficult to save money for a down payment but don't let lack of down payment funds stand in the way of you becoming a homeowner. We can help making the dream of owning a home a reality.
Home Ready Program
Fannie Mae conventional loan which makes buying a home more affordable for first time home buyers.
- 3% Down Payment
- Down Payment Assistance available
- Flexible Qualifying Guidelines
FHA Loan
Government loan program which assists buyers to purchase a home with less-than-perfect credit.
- 3.5% Down Payment
- Down Payment Assistance Eligible
- 580 minimum credit score
HomeOne Program
Loan program with flexible credit qualification guidelines and no income or geographic restrictions.
- 3% Down Payment
- Down Payment Assistance Available
- No minimum credit score
USDA Home Loan
Program for first home buyers looking to buy a house in small town or rural area.
- Zero Down Payment
- 600 minimum credit score
- Seller can pay closing costs
VA Loan
Government loan program which assists members of military to purchase a home.
- Zero Down Payment
- 550 minimum credit score
- Low 30 Year Fixed Rate Mortgage
Good Neighbor Next Door
Law enforcement officers, firefighters, Emergency Medical Technicans (EMTs), and Teachers are eligible to purchase HUD REO properties only, in revitalization areas, at up to 50% off the sales price.
- $100 minimum down payment
- 620 minimum credit score
NO MI 101 Home Advantage
Get help with down payment
- 30 year 2nd mortgage loan for 4% of purchase price
- 660 minimum credit score
- No Mortgage Insurance
- Seller can pay closing costs
First Responders Receive $1,000 Credit Toward Closing Costs
- Must be teacher, fireman, police officer, paramedic, emergency medical technician (EMT), or healthcare provider.
- 580 minimum credit score
- Low 30 Year Fixed Rate Mortgage
- Seller can pay closing costs
Doctor Program
Designed for newly licensed and active doctors, dentists, and veterinarians.
- 5% down payment
- 700 minimum credit score
- Up to 2 million dollar loan amount
- Student loans may be excluded from the DTI with proof of ≥ 12 months deferment/forbearance
Resources & Tools
Mortgage Calculators
Calculate loan payments, determine if it better to rent or buy, find out your price range, and figure out your debt ratios to see what programs you may qualify for.
Ultimate First Time Home Buyer Guide
10 Steps To Buying Your First Home
We will guide you through the home buying process, assist you with financing, and connect you to a Realtor to Find the Perfect Home.
Download Book
Homes For Sale
Search homes for sale in Chicago area. View photos and property details. Contact local real estate agent and set up showings.