Open now, and available until funds are fully reserved, Downpayment Plus (DPP®) and Downpayment Plus Advantage® (DPP Advantage®) offer Federal Home Loan Bank of Chicago members easy-to-access down payment and closing cost assistance to help their income-eligible customers achieve homeownership. These programs give our members:
- The opportunity to maintain and expand their customer base
- The ability to assist any eligible borrowers purchasing homes in the communities they serve—not just first-time homebuyers
- Improved loan-to-value ratios
- The flexibility to combine these programs with the MPF Xtra® product or other secondary market programs
Are you a homebuyer? Please see the dropdown menu below for more information on the DPP Program.
Are you seeking a payoff quote or lien release? Please see the Contact menu below for more information.
Application and Eligibility
- Members wishing to participate in the DPP programs must execute a Program Agreement with FHLBank Chicago.
- Member institutions who provided DPP funds in the previous year, must submit an Annual Certification Form in DPP Online before making any new reservations of funds. Additionally, acquirers of (former) members with DPP grants within the 5 year retention period are required to complete the annual certification form.
- The DPP programs are accessed through eBanking—FHLBank Chicago’s member-only website. The institution’s Member Security Administrator must authorize one or more individuals to conduct DPP transactions in eBanking.
- A list of participating members is available under DPP Resources.
- Reservations are on a first-come, first-served basis.
- Property may be in any state in which the member does business.
- For DPP, the member originates or funds the first mortgage. For DPP Advantage, a nonprofit originates or funds the first mortgage.