Available Grant Assistance

Rural Initiative Down Payment Assistance

Funding for this housing assistance was made possible through a grant WHEDA® received from the Federal Home Loan Bank of Chicago (FHLBC). These grant dollars are available on a first-come, first-served basis and are designated to be used for down payment and closing cost assistance to first-time home buyers in specific rural markets. This down payment assistance is in the form of a 0% interest, no monthly payment, 5-year forgivable grant of $5,000 per household.

General Availability Guidelines

Available to first-time home buyers that meet specific income requirements and use a WHEDA Home Loan
All borrowers must participate in six to eight hours of face-to-face home buyer education
Borrowers must invest a minimum of $500 into the loan transaction
Borrowers cannot receive cash back at the time of loan closing
These grant assistance dollars cannot be used with other FHLBC funds, such as Down Payment Plus
WHEDA standard Home Loan underwriting guidelines apply

Program Specifics

Obtain a listing of rural counties where the FHLBC funds are available, locate program income limits and learn about specific eligibility requirements to access the Rural Initiative Down Payment assistance funds.