Downpayment Plus Program (DPP) – Funds will not be available again until March 2019

Downpayment Plus is a matching program that provides down payment and closing cost assistance for income-eligible homebuyers. The assistance is provided in the form of a forgivable grant paid on behalf of the borrower at the time the borrower closes on mortgage financing with a participating FHLBank Chicago member financial institution. Grants are forgiven on a monthly basis over a five-year retention period.

For DPP, the maximum grant amount is the lesser of $6,000 or three times the homebuyer’s net contribution. For DPP Advantage, the maximum grant amount is $6,000. The grant is recorded as second mortgage forgiven over five years.

Borrower eligibility requirements

• Household Income can not exceed 80% Area Media Income limit based on the county of the property being purchase. Click HERE to view income limits in your county.
• Do not have to be a first time home buyer
• Primary residence only
• Can be used with FHA, VA nd Conventional financing
• 1-2 Unit properties ONLY
• Credit score and debt to income ratios subject to participating lender’s minimum guidelines