Free first-time buyer guide · 2026
Buy your first Chicago home with less down.
What it really costs, every down payment program open to Chicago-area buyers in 2026 (up to $70,000 in grants for eligible city buyers), and the 10 steps from pre-approval to keys.
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Your first home in Chicago
First-time buyer guide · Illinois down payment programs 2026
What's inside
Written for Chicago and Cook County buyers, with real numbers and the programs you can actually use.
What it really costs
Down payment by loan type at Chicago's $390K median, plus the closing costs people forget.
Down payment help
IHDA, City of Chicago HomeGrown and Cook County programs: amounts, terms and who qualifies.
10 steps to keys
Credit, pre-approval, offer, attorney review, inspection, appraisal and closing, in order.
Condo, house or 2-flat?
The trade-offs, plus how house hacking a 2–4 unit can help cover your mortgage.
Hidden costs
Taxes, HOA dues, insurance, mortgage insurance and the first-year repairs to budget for.
Glossary + checklist
Plain-English definitions and the documents your lender will ask for.
Down payment help in 2026 at a glance
Programs available to Chicago-area buyers right now. The guide covers eligibility, how each one works, and which can be combined.
| Program | Amount | Key terms |
|---|---|---|
| IHDA Access Forgivable | 4% of price, up to $6,000 | Forgiven monthly over 10 years |
| IHDA Access Deferred | 5% of price, up to $7,500 | 0% interest, repaid when you sell or refinance |
| IHDA Access Repayable | 10% of price, up to $10,000 | Repaid monthly over 10 years |
| IHDAccess Home | 6% of price, up to $15,000 | Interest-free, deferred for the life of the loan |
| City of Chicago HomeGrown | Grant up to $70,000 (Zone A) / $50,000 (Zone B) | Chicago 1–2 unit homes; max 25% of price; income limits |
| Cook County DPA | 5% of the first loan, up to $25,000 | Homes in Cook County; repeat buyers can qualify |
Sources: IHDA 2026 fact sheets, chicago.gov HomeGrown FAQ and cookcountyil.gov (checked October 2026). Funding is limited and terms change. Your lender confirms eligibility.
Quick answers
How much do I need to put down on a house in Chicago?
Often far less than 20%. FHA loans start at 3.5% down and some conventional programs at 3%. At Chicago's September 2026 median price of $390K, 3.5% is about $13,650. Down payment assistance can cover part or all of that.
What down payment assistance is available in Chicago?
In 2026 the main options are IHDA's Access Forgivable, Deferred and Repayable programs and IHDAccess Home (up to $15,000), the City of Chicago's HomeGrown grant (up to $70,000 in Zone A), and Cook County's program (5% of the first loan, up to $25,000). Income and price limits apply.
Who is a first-time homebuyer in Illinois?
For IHDA programs, anyone who hasn't owned their primary residence in the past 3 years. Veterans and buyers in IHDA targeted areas can qualify even if they've owned before.
Can I buy a 2-flat as a first-time buyer?
Yes. Owner-occupied 2–4 unit buildings can qualify for FHA's 3.5% minimum down, and part of the rent can help you qualify. It's a classic Chicago way to buy your first home.
What closing costs should a Chicago buyer expect?
Lender fees, title insurance, an attorney, prepaid taxes and insurance, and Chicago's buyer transfer tax of $3.75 per $500 of price (0.75%). Your lender's Loan Estimate itemizes them.
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