First-time home buyer programs in Chicago
2 programs run by local housing agencies help buyers in Chicago with the down payment, and the statewide Illinois programs work here too.
- Programs available locally
- 2
- Largest amount
- $70,000
- Loan or grant
- Grant
Down payment help in Chicago
| Program | Amount | Loan or grant | Income limit | First-time buyers only |
|---|---|---|---|---|
| HomeGrown Purchase Assistance. Operated by City of Chicago Department of Housing. | Up to $70,000 | Grant | In Zone A, household income can be up to 150% of area median income, and in Zone B, the limit is up to 120%. The grant amount falls as income rises. | Ask the agency |
| Shared Equity Investment Program - Purchase Price Assistance. City of Chicago Department of Housing administers it. | Up to $60,000 | Grant | Income can be up to 120% of Area Median Income (AMI) for households. | Ask the agency |
Who can qualify for HomeGrown Purchase Assistance?
- The property must be located in the City of Chicago.
- In Zone A, household income can be up to 150% of area median income, and in Zone B, the limit is up to 120%. The grant amount falls as income rises.
- You must complete a homebuyer education course.
- Finish HUD-approved homebuyer education before you close.
- Of the original purchase price, at least 1% must come from personal funds.
- You must have a signed purchase contract before you apply.
- Co-signers aren't allowed.
The page describes the help as a grant and requires five years of primary residence by the borrower. Repayment isn't described.
You don't have to repay a grant as long as you follow the program's rules.
After signing a contract, use either authorized administrator (NLS or TRP). Don't apply directly to the Department of Housing. For the complete rules, read City of Chicago Department of Housing's page for HomeGrown Purchase Assistance.
Who can qualify for Shared Equity Investment Program - Purchase Price Assistance?
- Income can be up to 120% of Area Median Income (AMI) for households.
- The property must be a community land trust property, cooperative unit or deed-restricted affordable unit.
- You can use the assistance for a principal write-down, closing costs, PMI premium or down payment assistance.
Applications use the Purchase Price Assistance track under The Resurrection Project (link on the page). For the complete rules, read City of Chicago Department of Housing's page for Shared Equity Investment Program - Purchase Price Assistance.
You can also use Illinois's statewide programs in Chicago
| Program | Amount | Loan or grant |
|---|---|---|
| Illinois Access Home | The amount can be up to 6% of the price, with a limit of at most $15,000. | Deferred loan |
| Illinois Access Repayable | The amount can be up to 10% of the price, with a limit of at most $10,000. | Repayable loan |
| Illinois Access Deferred | The amount can be up to 5% of the price, with a limit of at most $7,500. | Deferred loan |
| Illinois Access Forgivable | The amount can be up to 4% of the price, with a limit of at most $6,000. | Forgivable loan |
All Illinois first-time home buyer programs come from Illinois Housing Development Authority. Cook County's income figure appears in our HUD income limits lookup.
Buying in Chicago? Ask a lender
Tell us where you're buying and a lender that works with Illinois's programs can tell you which of these fit you, and which you can combine.
Would you rather not call? Submit your details, and the lender will contact you.