Fannie Mae $2,500 Down Payment Assistance
- Offered as part of Fannie Mae's HomeReady product as an ideal mortgage solution for borrowers, whether they are first-time or repeat buyers.
- Eligible for loans purchased on or after March 1, 2024, through February 28, 2025.
- Borrowers with a qualifying income of less than or equal to 50% of the applicable area median income of the subject property's location are eligible.
- Can be applied towards down payment and closing costs including escrows and mortgage insurance premiums.
- Borrower will receive a 1099 MISC for the year in which the credit was given, please consult with your tax preparer for income tax implications.
FHLBC Down Payment Assistance
- National Exchange Bank & Trust partners with the Federal Home Loan Bank of Chicago (FHLBC) to provide borrowers with down payment assistance.
- No interest is charged and the grant is forgivable over a 5-year period.
For more information on down payment assistance, first-time homebuyer programs and to see if you qualify, contact us here.
Other Down Payment Assistance Programs
Fannie Mae offers a down payment assistance search tool where borrowers can search based on their location, purchase price and other factors.
Use the link below to enter your information and see what you may qualify for.
