Welcome Home Chicago

Your guide to homebuyer programs & assistance

You don't need to figure this out alone. Below are the real programs available to Chicago-area buyers — explained in plain English, no jargon. Tap any card to see what it actually means for you.

Federal

FHA Loan

The most common way first-time buyers get into a home with less cash upfront.

3.5% Min. Down
580+ Credit Score
  • Only requires 3.5% down — on a $300,000 home, that's $10,500 instead of $60,000
  • More forgiving on credit score and debt compared to conventional loans
  • Works great alongside Illinois and Chicago assistance programs to help cover that down payment
  • Can be used for condos, townhomes, and single-family homes
  • Good starting point if your credit isn't perfect but you're ready to buy
Federal $0 Down

VA Loan

If you've served in the military, this is the best deal available — bar none.

0% Down Payment
No PMI Monthly Savings
  • Zero down payment required — you can buy a home with no cash out of pocket for the down payment
  • No private mortgage insurance (PMI) — most loans charge $100–$200/month extra, VA doesn't
  • Typically lower interest rates than conventional loans
  • Available to veterans, active duty service members, and surviving spouses
  • Can be used more than once over your lifetime
Nonprofit $0 Down

NACA Program

One of the most powerful affordability programs out there — especially for moderate-income buyers.

0% Down Payment
Below Market Rate
  • Zero down payment and zero closing costs — they cover the upfront costs most programs don't
  • Interest rates are usually below what banks advertise publicly
  • No PMI, no origination fees, no hidden charges
  • Designed specifically for lower-to-moderate income buyers
  • Requires a counseling and financial prep process — more steps, but the payoff is significant
Illinois

IHDA Access Programs

Illinois' main statewide program — real cash assistance toward your down payment.

$15K Max Assistance
Grant Or Forgivable
  • Up to $10,000–$15,000 toward your down payment or closing costs depending on which version you use
  • Some versions are outright grants (you never pay it back), others are forgiven after a set number of years
  • Pairs with FHA, VA, USDA, and conventional loans — you use it on top of another loan
  • Income limits and purchase price caps apply — we'll check if you qualify
City of Chicago

Chicago Homebuyer Assistance

Chicago's own program — one of the most generous city-level programs in the country.

$100K Max Assistance
Forgivable Structure
  • Up to $100,000 in assistance available through certain City of Chicago initiatives
  • Usually structured as a second mortgage that gets forgiven — meaning you don't have to pay it back if you stay in the home
  • You must use the home as your primary residence for a required period
  • Targeted toward new construction and select city-supported developments
  • Can dramatically change your monthly payment when stacked with other programs
Regional

FHLB Downpayment Plus

Bank-backed grants that your lender can stack on top of other programs.

Grant Free Money
Stackable With Others
  • Grants specifically for your down payment and closing costs — no repayment required
  • Designed for low-to-moderate income buyers
  • Applied through participating banks and lenders — not directly through the government
  • Can be combined with FHA loans, IHDA programs, and others to cover more of your costs
  • Less well-known, which means less competition — worth asking your lender about
Federal $0 Down

USDA Loan

Often overlooked — covers select Chicagoland suburbs with zero down and great rates.

0% Down Payment
Low PMI vs FHA
  • Zero down payment — another strong option if you qualify and the area is eligible
  • Lower mortgage insurance costs than FHA, which saves you money every month
  • Available in select outer suburbs and towns around Chicago — not in the city itself
  • Income limits apply, but this is built for moderate earners
  • A great option if you're open to exploring neighborhoods outside the city core

Welcome Home Chicago

Not sure which programs you qualify for?

Most buyers qualify for more than one. Let's find your actual path.

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