CHICAGO HOMEBUYERS: YOU COULD QUALIFY FOR UP TO $70,000 IN PURCHASE ASSISTANCE
Three major assistance programs. Different eligibility rules. One smarter way to buy a home.
Chicago HomeGrown • Cook County Assistance • IHDA
By David Braun | Mortgage Maniac OS
Free Mortgage Intelligence
Updated November 11, 2026
The Chicago Homeownership Opportunity Most Buyers Never Fully Investigate
What if the biggest obstacle between you and homeownership isn't your income, your credit, or even today's mortgage rates?
What if the obstacle is simply not knowing which home purchase assistance programs exist?
Across Chicago, Cook County, and Illinois, government-supported programs can help qualified buyers reduce the upfront cash required to purchase a home.
But there is a catch.
These programs have different credit requirements, income limits, property restrictions, repayment conditions, and funding availability.
Some assistance is forgivable. Some must eventually be repaid. Some programs cannot be combined.
That's why Mortgage Maniac OS created this free Chicago Homebuyer Assistance Intelligence Guide.
CHICAGO HOMEGROWN
Maximum grant assistance in qualifying Zone A locations.
COOK COUNTY
Maximum assistance through a five-year forgivable second loan.
IHDAccess HOME
Maximum assistance through a deferred second mortgage.
1. Chicago HomeGrown Purchase Assistance
The City of Chicago launched its HomeGrown Purchase Assistance Program in June 2026.
The program provides eligible homebuyers with grants for down payments and closing costs.
Unlike a traditional second mortgage, the HomeGrown assistance is structured as a grant subject to a five-year compliance and recapture agreement.
HomeGrown Assistance by Income and Zone
| Household Income | Zone A | Zone B |
|---|---|---|
| 80% AMI or below | $70,000 | $50,000 |
| Above 80% through 90% AMI | $60,000 | $40,000 |
| Above 90% through 100% AMI | $50,000 | $30,000 |
| Above 100% through 120% AMI | $40,000 | $20,000 |
| Above 120% through 150% AMI | Not eligible | $10,000 |
Grant amounts are subject to the program's 25% purchase-price cap and all other eligibility requirements.
Important HomeGrown Requirements
- Purchase an eligible property within Chicago.
- Contribute at least 1% of the purchase price from personal funds.
- Use a qualifying fixed-rate mortgage.
- Meet the maximum 38% back-end debt-to-income requirement.
- Complete required homebuyer education.
- Occupy the property as your primary residence for five years.
- Meet income limits for the property's designated zone.
Eligible properties can include single-family homes, condominiums, townhomes, and qualifying two-unit buildings.
HomeGrown grants generally cannot be combined with IHDA bond-funded assistance. Other compatible assistance may be possible subject to lien-position and program rules.
2. Cook County Down Payment Assistance
Cook County reopened its Down Payment Assistance Program on July 20, 2026.
The program provides assistance equal to 5% of the final first mortgage loan amount, up to $25,000.
The assistance is structured as a five-year forgivable second loan.
What Can Cook County Assistance Cover?
- Down payment expenses.
- Eligible closing costs.
- Qualifying mortgage interest-rate buydowns.
Who May Qualify?
- First-time homebuyers.
- Repeat homebuyers.
- Borrowers with qualifying credit scores of 620 or higher.
- Households meeting applicable income limits.
- Buyers purchasing eligible Cook County properties.
The general household income ceiling is 120% of Area Median Income.
Certain designated Disproportionately Impacted Areas and Qualified Census Tracts have no program income limit.
$300,000 × 5% = $15,000.
That means the program's assistance formula would produce $15,000, not the full $25,000 maximum. Actual eligibility and assistance depend on program approval and available funding.
Cook County announced $2 million in funding for its third phase. Because assistance is limited, buyers should confirm whether funds remain available before making purchase decisions.
3. Illinois IHDA Mortgage Assistance
The Illinois Housing Development Authority offers multiple mortgage assistance options for qualifying homebuyers statewide.
IHDA programs can provide assistance toward down payments and closing costs.
However, buyers must understand the difference between deferred, forgivable, and repayable assistance.
| Program | Maximum Assistance | Repayment Structure |
|---|---|---|
| IHDAccess Home | 6%, up to $15,000 | Deferred second mortgage |
| Opening Doors | $9,000 | Forgivable over five years |
| IHDAccess Deferred | 5%, up to $7,500 | Deferred second mortgage |
| IHDAccess Forgivable | 4%, up to $6,000 | Forgivable over ten years |
| IHDAccess Repayable | 10%, up to $10,000 | Zero-interest repayable second loan |
General IHDA Requirements
- Minimum qualifying credit score of 640.
- Purchase a qualifying Illinois residence.
- Meet applicable household income limits.
- Meet applicable property purchase-price limits.
- Use an IHDA-approved participating lender.
- Meet applicable debt-to-income and borrower contribution requirements.
IHDA generally requires a borrower contribution of at least 1% of the purchase price or $1,000, whichever is greater.
The general maximum debt-to-income ratio is 50%, subject to underwriting and program rules.
4. FREE Chicago Mortgage Assistance Estimator
Use this educational calculator to compare potential program assistance. This is not a mortgage preapproval, grant approval, income eligibility determination, or confirmation that funding is available.
5. The Mortgage Maniac Intelligence Strategy: Which Program Makes More Sense?
Choosing assistance should never be based on the largest advertised dollar amount alone.
A financially intelligent mortgage comparison looks at five questions:
- How much cash do you actually need at closing?
- What mortgage interest rate and payment come with the program?
- Will the assistance be forgiven or repaid?
- How long do you expect to own the home?
- What happens if you sell, refinance, or move before the assistance period ends?
Imagine two buyers receive assistance.
Buyer A expects to remain in the home for ten years.
Buyer B expects to relocate in two years.
A five-year forgivable assistance program may produce very different financial outcomes for these buyers.
The correct comparison is not simply how much assistance you receive today.
It is how much assistance you ultimately retain after accounting for all program obligations.
6. Can Chicago Homebuyers Combine Programs?
Sometimes, but not automatically.
HomeGrown permits certain additional assistance arrangements when lien-position requirements are satisfied.
However, HomeGrown generally prohibits layering with bond-funded IHDA assistance.
Other combinations require review of both programs' current rules and approval by the applicable administrators.
Never assume two advertised assistance amounts can simply be added together.
7. Frequently Asked Chicago Homebuyer Questions
Is Chicago HomeGrown really a grant?
Yes. HomeGrown is structured as grant assistance rather than a traditional monthly-payment loan. However, repayment can be required if program conditions are violated during the five-year period.
Can I qualify with a 620 credit score?
Cook County lists a 620 minimum credit score. IHDA generally requires 640. HomeGrown requires qualifying mortgage financing and compliance with its own rules. A credit score alone does not establish mortgage or assistance eligibility.
Can repeat homebuyers qualify?
Cook County permits qualifying first-time and repeat buyers. HomeGrown excludes current owners of other residential or investment properties. IHDA eligibility varies by program.
Can I use HomeGrown to buy a two-flat?
Qualifying two-unit properties may be eligible. Additional education and property requirements can apply. Three- and four-unit properties are not eligible under HomeGrown.
Can I combine HomeGrown with IHDA?
HomeGrown generally prohibits combining its grant with IHDA bond-funded subsidies. A participating lender and the program administrator should confirm the applicable restrictions.
Does the largest grant always mean the best mortgage?
No. Compare the first mortgage rate, monthly payment, closing costs, required personal contribution, repayment conditions and expected length of homeownership.
Are assistance funds guaranteed?
No. Assistance depends on available funding, program eligibility, completed applications and required approvals.
8. Free Chicago Homebuyer Intelligence
Mortgage Maniac OS was built around one principle:
Mortgage knowledge should be free, understandable, and useful.
Before buying a home, understand your options, compare the numbers, and ask questions.
The right mortgage decision should be based on your complete financial picture, not just the largest advertised grant.
DON'T GUESS. GET MORTGAGE INTELLIGENCE.
Buying in Chicago, Cook County, or anywhere in Illinois?
Understand the assistance programs, mortgage options, and financial tradeoffs before making your decision.
David Braun
Chicago Mortgage Loan Officer
Mortgage Experience Since 1997
Your Home. Your Future. My Commitment.
About David Braun | Mortgage Maniac OS
David Braun is a Chicago-area mortgage loan officer with mortgage industry experience dating back to 1997.
Through Mortgage Maniac OS, David provides Free Mortgage Intelligence, Chicago mortgage market insights, homebuyer education, mortgage rate analysis, and financing information.
Explore Free Mortgage Intelligence: Mortgage Maniac OS
Chicago Mortgage Questions?
Contact David Braun at 312-656-0220.
Educational information only. Mortgage rates, terms, and loan eligibility vary based on individual circumstances. This content is not a loan approval or commitment to lend.