Updated over 9 years ago on . Most recent reply
Chicago- Down Payment Assistance
Hello, I recently heard that the City of Chicago will be announcing a new Down Payment Assistance that will not be restricted to first time buyers?? Here are some of the highlights.
-Up to $12,000 in grant funds. Not tied to IHDA or Bond funds so money won't run out.
-Minimum 3% down payment
-Refinances also
-Owner occupied
-Income restrictions $133k for Conventional & $87k for FHA & VA
This has got to be the sharpest program for down payment assistance I've heard of in years. It is expected to be rolled out in the next 2 weeks which being Chicago means in a month or more. Either way this will mean another uptick in buyer activity in Chicago. Has anyone heard of this program?