The city of Chicago has launched a new homebuyer assitance program, whereby eligible buyers can receive financial support for down payment and closing costs within the city.
Qualified buyers can only have incomes of up to $133,000 and are eligible for grants of up to 7 percent of the total loan. They are also required to contribute either $1,000 or 1 percent of the purchase price at closing, whichever is less.
“The Home Buyer Assistance Program is another important tool in our toolkit for building stronger neighborhoods throughout the city of Chicago,” Mayor Raum Emanuel said in a statement. “I am proud that lenders are now accepting applications, and I encourage anyone who is interested to apply today.
Guaranteed Rate, American Financial Network, and Home Trust Mortgage are the three lenders accepting applications part of the Home Buyer Assistance Program.
Learn more at the city's website here.