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.
Member and Borrower Roles and Responsibilities
Members:
- Execute a DPP Program Agreement
- Review FHLBank Chicago DPP Program Guide
- Verify the borrower’s income in accordance with the DPP Income Calculation Guidelines
- Submit a grant reservation through eBanking
- Ensure the borrower completes both pre-purchase homebuyer education and counseling
- Ensure the grant amount does not exceed the lesser of 1) $10,000; or 2) 25% of the first mortgage amount (DPP only)
- Disburse grant funds at the closing of the first mortgage
- Ensure the property is subject to a recorded retention agreement
- Submit all pertinent documentation to FHLBank Chicago
- Monitor the retention agreement
Borrowers:
- Apply for first mortgage financing with a participating FHLBank Chicago member
- Provide the executed purchase contract for the property
- Provide evidence of household income
- Complete both pre-purchase homebuyer education and counseling
- Contribute a minimum of $1,000 toward the purchase transaction (DPP only)
Unlocking Dreams of Homeownership with Busey Bank
Note: The member limit for DPP and DPP Advantage is $1,000,000 for each program.