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Downpayment Plus®
Program
Consumer
Center
Welcome to Downpayment Plus® 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 program is a downpayment and closing cost
assistance program for low and moderate income homebuyers, funded as a set aside
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 Program
Description and the Frequently Asked
Questions.
Borrower Responsibilities
Borrowers accessing the Downpayment Plus program must:
 | Make $750 contribution toward purchase of home |
| 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. (See also, question #11
from Consumer FAQ) |
| Notify the lender of
any change in use or ownership of the property |
| Repay a pro rata share of the subsidy, reduced for every month
you owned the unit, if:
| you sell the property prior to the end of the 5 year
retention period to a non income-eligible purchaser and realize
a net gain on the sale. Repayment is waived if you realize no
net gain on the sale; |
| you cease to occupy the property as a primary residence before the end of the
retention period; or |
| you refinance the property before the end of
the retention period and the unit is no longer subject to a
retention agreement. |
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| 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", "DPP Advantage"
and "MPF" are registered trademarks of
the Federal Home Loan Bank of Chicago.
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Mark your calendar
for the League's 129th annual
convention
September 10-14, 2008
Pointe Hilton
Tapatio Cliffs Resort
Phoenix, AZ |
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