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Standard Bank is your down payment resource for Illinois and Indiana!

TOP 5 things you should know about down payment assistance

  1. You don’t need to be a first time home buyer to be eligible
  2. Income limits for some programs are very generous – up to $105,000 or more
  3. Where you buy can make a big difference in available funds – certain communities have significant dollars available in assistance in addition to statewide programs
  4. Assistance programs can be “layered” resulting in more assistance – and a lower mortgage amount and lower payment
  5. Assistance programs can help you buy sooner and qualify for more home, as well as help you keep more of your own funds in reserve – many programs require as little as $1,000 from your own funds
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Don't Miss Out on Mortgage Tax Credits!

  1. Mortgage Credit Certificate (MCC) programs are available statewide in both Illinois and Indiana for eligible buyers (up to $2,000 annually)
  2. A MCC is a federal tax credit equal to at least 20% of the mortgage interest you pay every year for the life of the loan – either as reduced taxes due with your tax return or as reduced taxes in every pay check
  3. A recent study shows the average MCC is worth at least $18,000 over the life of the loan
  4. A special tax credit program is available in the City of Chicago without the $2,000 annual limit

Down Payment Assistance Programs

@HomeIllinois – $5,000 forgiven over 10 years or repaid over 10 years at 0%, depending on income. Available throughout Illinois to both first time and non first time homebuyers of 1-2 unit properties. Income limits vary by household size and property location (e.g. $105,040 limit in Chicagoland area for household of 3 or more)

West Cook County – $14,999 available in 25 communities in western Cook County

NSP Purchase Assistance – up to $35,000 available in 13 Micro Market Recovery Program areas in the City of Chicago for eligible buyers of vacant, foreclosed or short sale properties

Illinois ASSIST – 3% grant available on 1-4 unit owner occupied properties throughout Cook County and several communities in Will, Kane, Kendall, DuPage and Kankakee Counties (and other areas)

Down Payment Plus – $6,000 forgiven over 5 years for buyers with household incomes less than 80% of area median income. Available throughout Illinois and Indiana

IHCDA Next Home – up to 4% in assistance throughout Indiana

Homebuyer Incentives – $10,000 on existing properties in East Chicago; $25,000 on new construction

Homebound – up to $5,000 for income eligible buyers of Hammond homes who have not owned in past year