In conjunction with the Federal Home Loan Bank of Chicago, the $2.6-billion CEFCU has introduced an affordable housing program called Downpayment Plus. The program provides up to $200,000 in financial assistance to qualified low-income homebuyers that need help meeting the downpayment requirements and closing costs that are associated with buying a new home. Chicago's FHLB is providing the funding.
To qualify for grant assistance, the homebuyer's aggregate annual household income must be 80% or less than the area median family income, adjusted for family size. Through Downpayment Plus, low-income qualified homebuyers can receive grants of up to $5,000 toward a down payment, closing costs, reserves, homeownership counseling, or other expenses related to a home purchase. In addition, a homebuyer must make a cash contribution of at least $750 towards the purchase of the home.
