A Chicago homebuyer assistance program is now accepting applications, according to an announcement by Mayor Rahm Emanuel and the Chicago Infrastructure Trust.
Through the program, which is administered by the trust, eligible homebuyers interested in buying a home in Chicago or refinancing an existing mortgage can receive financial support for a down payment and closing costs. The program is open to qualified households with annual incomes of no more than $133,000, and provides grants for up to 7 percent of the total loan amount.
“Qualified borrowers,” according to the mayor’s office, “are required to contribute the lesser of $1,000 or 1 percent of home purchase price at the closing.”
Guaranteed Rate, American Financial Network, and Home Trust Mortgage are the three lenders accepting applications are part of the Home Buyer Assistance Program, which isbeing launched with $1 million from the city of Chicago. According to the mayor’s office, the program “will become self-sustaining over time.”
“The Home Buyer Assistance Program is another important tool in our toolkit for building stronger neighborhoods throughout the city of Chicago,” Emanuel said in a statement. “I am proud that lenders are now accepting applications, and I encourage anyone who is interested to apply today.
“By putting more families on the path to homeownership, we will help more communities thrive. So I look forward to watching this program grow and help to build a stronger economic foundation for the city of Chicago.”
City Treasurer Kurt Summers, who chairs the Chicago Infrastructure Trust, spoke to the importance of homeownership.
“Homeownership is a key component in investing in our 77 neighborhoods throughout our city,” he said. “Homeowners are the foundation in every Chicago community that promote safe neighborhoods for families to live, play, and work. I look forward to increasing the approved lenders list in the weeks to come to ensure success of the Home Buyer Assistance Program.”