Step into Your New Home with CHA’s Purchase Assistance

Taking a giant leap towards making homeownership more accessible, the Chicago Housing Authority (CHA) is stepping up to the plate with an enticing offer: up to $20,000 in down payment assistance for prospective homebuyers in Windy City. Here’s the inside scoop — you don’t have to be enrolled in a CHA program to be eligible. As long as you’re an Illinois resident who is either already living in Chicago or planning to move there, and you meet the designated income criteria, you can apply for this financial boost.

But wait, there’s more! The CHA’s down payment assistance isn’t just for the down payment alone. You can also use these funds to snag a lower interest rate on your mortgage or to take care of those pesky closing costs. Talk about flexibility! And guess what? If you’ve found other down payment assistance options, you’re in luck. CHA’s funds can be combined with other programs to maximize your financial support (just a heads-up, though—getting cash back at closing is a no-go).

Getting started is a straightforward process. First things first, you’ll need a valid preapproval from one of CHA’s approved lenders. Make sure to check their list to find a lender that suits your needs. Once you have that in hand, the next step is to secure a purchase contract for your dream home. After these steps are completed, you’re well on your way to taking advantage of this phenomenal program.

In summary, CHA’s down payment assistance program is a game-changing initiative aimed at breaking down the financial barriers to homeownership in Chicago. Whether you’re a first-time homebuyer or looking to upgrade, this program could be the key to unlocking your new front door.