Downpayment Plus (DPP®) and Downpayment Plus Advantage® (DPP Advantage®) offer Federal Home Loan Bank of Chicago members easy-to-access down payment and closing cost assistance to help their income-eligible customers achieve homeownership. These programs give our members:

  • The opportunity to maintain and expand their customer base
  • The ability to assist any eligible borrowers purchasing homes in the communities they serve—not just first-time homebuyers
  • Improved loan-to-value ratios
  • The flexibility to combine these programs with the MPF Xtra® product or other secondary market programs

 

Are you a homebuyer? Please see the dropdown menu below for more information on the DPP Program. 

Are you seeking a payoff quote or lien release? Please see the Contact menu below for more information.

Downpayment Plus

Downpayment Plus is a program that provides down payment and closing cost assistance for income-eligible homebuyers. The assistance is provided in the form of a forgivable grant paid on behalf of the borrower at the time the borrower closes on mortgage financing with a participating FHLBank Chicago member financial institution. Grants are forgiven on a monthly basis over a five-year retention period.

2024 Downpayment Plus Programs Overview Webinar

Unlocking Dreams of Homeownership with Busey Bank

Note: The member limit for DPP and DPP Advantage is $1,000,000 for each program.

 

DPP Resources