Chicagoland first time homebuyers can now purchase with Grant money.

1. Mortgage Loan Down Payment Assistance Championing Successful Home Ownership in our Communities Member FDIC

11. Down Payment Assistance Current Program Comparison None Borrower may not have owned principal residence during last 3 yrs unless veteran or targeted area First time home buyer requirement Conventional, FHA, VA, and other programs Conventional insured and USDA SMART MOVE IHDA loans Eligible first mortgages Standard Bank’s Illinois and Indiana lending areas Throughout Illinois Market areas Owner occupied 1 or 2 units Owner occupied 1 or 2 units Eligible properties Required Required Pre-purchase counseling $1000 Greater of $1000 or 1% Minimum borrower contribution Grant with retention agreement forgivable over 5 years to Standard Forgivable second lien at 0% over 10 years to IHDA Form & repayment of assistance Cook, DuPage, Will County $59,850 Grundy County 62,850 Lake & Porter County, IN 52,150 For 5% of purchase price: Cook, DuPage, Will County $59,850 Grundy County 62,850 For 3% of purchase price: Cook, DuPage, Will County 104,720 Grundy County 110,040 Household income limits Example – family of 4 All members 18 or older All members 18 or older Household income Up to $6000 Up to $6000 Amount of assistance FHLBC Downpayment Plus IHDA SMART MOVE As of July 1, 2011