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Downpayment
Plus Advantage®
Program
Consumer
Center
Welcome to Downpayment Plus Advantage® Consumer Center, your
information source for the Federal Home Loan Bank of Chicago's
(FHLBank) Affordable Housing Set-Aside Program (AHP). The
Illinois League of Financial Institutions is working with the FHLB
of Chicago to administer the program for participating Illinois
FHLB of Chicago member financial institutions. To view the list of
participating institutions in your area you can view
this list. (organized alphabetically by city)
The Downpayment Plus Advantage program is a downpayment and closing
cost assistance program for low and moderate income homebuyers who
are participating in homeownership programs offered by non-profit
organizations that provide mortgage financing directly to the
homebuyer, such as Habitat For Humanity affiliates. It is funded
through the Affordable Housing Program (AHP) of the
Federal Home Loan Bank of Chicago (FHLB). The program is administered by
the Illinois League of Financial Institutions.
If this is your first visit, you may want to read the
Downpayment
Plus Advantage Frequently Asked Questions.
Borrower Responsibilities
Borrowers accessing the Downpayment Plus Advantage program must:
 | Provide accurate and complete income verification to the lender as requested. |
| Complete homeownership counseling prior to closing that
includes a comprehensive financial literacy and predatory lending
component and meets other program requirements. |
| Notify the lender of
any change in use or ownership of the property |
| Repay a pro rata share of the grant, reduced for every month
you owned the unit, if:
| you sell the property prior to the end of the retention
period to a non-income eligible purchaser and realize a gain on
the sale. Repayment is waived if you realize no net gain
on the sale. |
| you cease using the property as your primary residence
before the end of the 5 year retention period; or |
| you refinance the mortgage and the retention agreement no
longer applies to the property. You can avoid repayment in the event
of a refinancing if:
| the original lender agrees to subordinate the grant
mortgage, or |
| the refinancing lender agrees to assume the grant mortgage
for the remainder of the retention period, provided they are a
member of the FHLB of Chicago |
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| Request evidence that the lender released the lien at the end
of the 60 month retention period if you have not been notified.
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Downpayment Plus, DPP, Downpayment Plus Advantage, and DPP Advantage are registered trademarks of
the Federal Home Loan Bank of Chicago.
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Mark your calendar for the League's
134th
annual
convention
July 28-31, 2013
The Greenbrier
White Sulphur Springs, WV |
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