Down Payment Assistance Program
2020 Program information
LOWER YOUR BORROWING COSTS
with up to $6,000 available for the purchase of your home!
If you want to buy a home and have a steady income and good credit, the IAA Credit Union and the Federal Home Loan Bank of Chicago can help!
Through the Downpayment Plus® Program*, up to $6,000 may be available to eligible homebuyers in 2020 to use toward down payment and closing costs. Ask one of our loan officers today about the Downpayment Plus Program to see if you are eligible. Homebuyers must meet income eligibility requirements and:
- Contribute at least $1,000 to the purchase of the home
- Participate in homebuyer and financial literacy counseling
- Live in the home as your primary residence
IAACU is committed to helping our members' financial well-being. We can help you lower your borrowing costs if you qualify for the Downpayment Plus Program. In 2020 you could receive up to $6,000 for the purchase of a home! Hurry! Funds are available for a limited time and once the 2020 allocation is depleted, the program will be closed.
Household income and other restrictions apply. Applicants must have an annual household income at or below 80% of the HUD median income in the county in which the property is located. This figure will be adjusted based on household size. To find out the HUD income limits in your county, visit the HUD website.
* 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.
The IAACU Difference:
- Save with lower closing costs!
- Big bank rates with personalized service!
- It’s easy…Apply online 24/7
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Mortgage Loan Officers
Courtney White 1755541