Down Payment programs that are available in the State of Illinois. Multiple programs can be used to increase the amount of assistance available to a first time home buyer - be educated and don't leave Free money at the table!!

1. DOWN PAYMENT ASSISTANCE PROGRAMS - ILLINOIS
MEMBER
FDIC
Tom Meneses, 708-297-1055, NMLS #497881, tomas.meneses@standardbanks.com
Additional down payment assistance programs are available for: eligible employees of City Colleges of Chicago, Loyola University, University of
Chicago, and Mercy Hospital and IFF properties .Terms subject to change, may be subject to income limits and availability may be limited.
Program
Amount Available
per Transaction
Eligible
Borrowers
Eligible
Markets
IHDA Smart Move
MCC Available
3% of purchase price, up
to $6,000, forgiven at 0% over
10 years; flat $6,000 if income
less than 80% AMI
Qualified first time home buyers (have not
owned principal residence in 3 years); Veterans
and properties in targeted areas exempt from
first time home buyer requirement
Illinois Only
NEW 4/1/2014
WELCOME HOME ILLINOIS
$7500 forgiven over 5 years!
IHDA Welcome Home
Heroes
MCC Available
$10,000, forgiven at
0% over 2 years
Veterans, Reservists, National Guard;
Must be first time home buyer unless veteran
Illinois Only
IHDA Building Blocks $10,000, forgiven at
0% over 2 years
Buyers of vacant homes in eligible markets;
Need not be first time home buyer
Berwyn, Blue Island, Chicago Heights,
Cicero, Crest Hill, Joliet, Lockport,
Lynwood, Melrose Park, Maywood,
Park Forest, South Holland
DPP $8,000, forgiven at
0% over 5 years
Low and moderate income households;
Need not be first time home buyer
Illinois and Indiana
City LIFT $15,000, forgiven at
0% over 5 years
Buyers in Chicago and eligible suburbs
approved by NHS
Chicago and designated
communities in Cook County
NSP Up to $50,000 Eligible NSP listings Cook and DuPage County
DuPage Homestead Up to $14,999 Low and moderate income households;
Have not owned home in past 3 years
DuPage County (excluding Aurora)
TaxSmart MCC Program Federal tax credit - 20% of
mortgage interest annually
Income eligible borrowers; first time home
buyers (waived in targeted areas)
Properties in City of Chicago
Illinois ASSIST 3% grant; no repayment
required
Income eligible borrowers; first time home
buyers (waived for veterans & targeted areas)
Cook County; Several Cities in Will,
Kane, Kendall, DuPage Counties +

2. DOWN PAYMENT ASSISTANCE PROGRAMS - ILLINOIS
MEMBER
FDIC
Tom Meneses, 708-297-1055, NMLS #497881, tomas.meneses@standardbanks.com
Additional down payment assistance programs are available for: eligible employees of City Colleges of Chicago, Loyola University, University of
Chicago, and Mercy Hospital and IFF properties .Terms subject to change, may be subject to income limits and availability may be limited.
Program Income Limits Notes on First Mortgage Loan
IHDA Smart Move
MCC Available
Cook, DuPage, Will Counties:
1-2 person household - $90,960
3+ household - $106,120
Grundy County:
$95,640/$111,580
Conventional Smart Move with reduced private mortgage
insurance costs or VA, FHA, or RD Smart Move; maximum DTI 45%;
minimum borrower contribution $1,000 or 1%
(in some cases, 3%)
IHDA Welcome Home
Heroes MCC Available
Same as above Same as Smart Move
IHDA Building Blocks Same as Smart Move and
Welcome Home Heroes
Same as Smart Move
DPP 80% AMI; Varies by household
size and county
Conventional serviced by Standard Bank with reduced
private mortgage insurance costs or RD serviced by
Standard or any IHDA program listed here
City LIFT 120% AMI adjusted by
family NHS determined
Conventional serviced by Standard Bank (MyCommunity) or any IHDA program
Borrower must register with NHS at http://nhscitylift.calendarspots.com
NSP Varies Standard Bank Conventional
DuPage Homestead 80% AMI; Varies by
household size
Standard Bank Conventional
TaxSmart MCC Program 1-2 person household - $90,960
3+ household - $106,120
Most mortgage products except IHDA and ASSIST.
The TaxSmart Program is made available through the City of Chicago’s
Department of Housing and Economic Development.
Illinois ASSIST Varies by market. Cook County
ranges from $87,015 to
$105,560.
FHA or RD ASSIST first mortgage