2023 Downpayment Plus Program Increases Grant Amount and Member Limit
The Federal Home Loan Bank of Chicago’s (FHLBank Chicago) 2023 Downpayment Plus (DPP®) and Downpayment Plus Advantage® (DPP Advantage®) programs will open Tuesday, January 17, 2023. Participating members can reserve funds on a first-come, first-served basis to help income-eligible borrowers with down payment and closing costs.
Key changes to the 2023 DPP programs are summarized below:
- Grant Amount Increased to $10,000 - To acknowledge the impacts of increased interest rates and housing costs, beginning in 2023, FHLBank Chicago has increased the maximum grant amount to $10,000.
- Member Limit Increase to $700,000 - To assist our members in providing assistance to as many homebuyers as possible, the DPP member limit has also been increased to $700,000. There is no limit in the DPP Advantage pool.
- Fannie Mae HomeView approved for Education Component - You asked, and we listened. We will now accept Fannie Mae HomeView™ as an approved online provider for pre-purchase homebuyer education. Pre-purchase homebuyer counseling still must be delivered by a HUD-approved housing counseling agency.
DPP webinars covering the 2023 program year are scheduled for the following dates. Please register on the Events page of fhlbc.com.
- Tuesday, December 6 at 9 a.m.
- Tuesday, December 13 at 9 a.m.
- Tuesday, January 10 at 2 p.m.
Members may use our customizable marketing flyers to promote access to the program. The DPP educational videos and program guide will be updated to reflect program changes prior to January 17.
Please contact us at 312.565.5824 or email@example.com with any questions.