The Federal Home Loan Bank of Chicago’s (FHLBank Chicago) 2022 Downpayment Plus (DPP®) and Downpayment Plus Advantage® (DPP Advantage®) programs will open Tuesday, January 18, 2022. Participating members can reserve up to $420,000 in the general pool on a first-come, first-served basis to help income-eligible borrowers with down payment and closing costs. There is no limit in the DPP Advantage pool.
Key changes to the 2022 DPP programs are summarized below:
- Removal of the 3:1 Match Requirement for Homebuyer’s Minimum Contribution – The minimum homebuyer contribution remains $1,000. This means that the grant amount may be up to $6,000 with a minimum $1,000 homebuyer contribution.
- Removal of the National Industry Standards (NIS) path for Education and Counseling Providers – Members should continue to use a HUD-approved counseling agency, or one of our online partners to meet the pre-purchase homebuyer education requirement, and a HUD-approved counseling agency to meet the pre-purchase homebuyer counseling requirement.
- Redaction of Social Security Numbers – When uploading documents into DPP Online, social security numbers must be redacted.
- Electronic Signatures – All DPP program documents may be signed electronically. For Retention Agreement electronic signatures, be sure to check with the respective county recording requirements.
- Income Calculation Workbook – The income calculation workbook will be updated and previous versions will no longer be accepted. You will notice minor changes to the worksheets views, along with helpful instructions, however, the calculations remain the same.
- Monday, December 13: 11:00 a.m. – 12:00 p.m.
- Thursday, December 16: 2:00 p.m. – 3:00 p.m.
- Monday, January 10: 10:00 a.m. – 11:00 a.m.
After 21.5 years of dedicated service as the DPP Manager, Chuck Childs is retiring at the end of the year. It is with great pleasure to announce that Becky Pagano will be assuming the role beginning in 2022.
Please contact us at 312-565-5824 or email@example.com with any questions.