If you apply for a mortgage, you may be eligible for a grant of up to $10,000 through the Federal Home Loan Bank of Chicago (FHLB). The subsidy may be used for down payment and closing cost assistance, home buyer education costs (up to $500), and/or eligible rehabilitation costs associated with the purchase of a home. This Downpayment Plus® (DPP®)* grant will be provided by INB at the closing. 

To be eligible, you must meet income and eligibility requirements, including:

  • Your total household income may not exceed 80 percent of the area median income (based on income guidelines published annually by the U.S. Department of Housing and Human Development (HUD).
  • You must contribute at least $1,000 toward the home purchase. 
  • You must complete pre-purchase homebuyer education and counseling to ensure you understand the buying process as well as ownership responsibilities.
  • You must live in the home as your primary residence. 
  • You must sign a five-year retention agreement and agree to a lien on the property for the amount of the DPP grant. DPP grants are forgiven over a period of five years (1/60th per full month). In the event of property sale or removal of the  Affordable Housing Program (AHP) lien prior to the end of the 5-year retention period, the homebuyer(s) must repay a pro rata of the grant.
  • You must meet INB's loan underwriting criteria.  

Funds for this program are limited and will be awarded on a first-come, first-served basis until the funds are depleted. To find out if you’re eligible for a DPP subsidy, contact your INB mortgage lender.

*Downpayment Plus is a program from the Federal Home Loan Bank of Chicago. Restrictions apply. Please see the Federal Home Loan Bank of Chicago’s website at www.fhlbc.com for complete requirements. 
“Downpayment Plus” is a registered trademark of the Federal Home Loan Bank of Chicago.