One of the biggest misconceptions among today’s buyers is that they need a large downpayment to purchase a home. In reality, there are a variety of programs available that can help bridge the gap and make homeownership more attainable.

The City of Chicago recently launched the HomeGrown Purchase Assistance Program, a new initiative designed to help eligible buyers purchase homes in select Chicago neighborhoods.

HomeGrown Program Highlights (City of Chicago Only):

• Eligible buyers may receive up to $70,000 toward downpayment and closing costs.

• Available for owner-occupied primary residences located in eligible Chicago neighborhoods.

• Available to both first-time and repeat homebuyers who meet income requirements.

• Buyers must complete a homebuyer education course.

• Assistance amounts vary based on household income and property location.

While HomeGrown is specific to the City of Chicago, it serves as an important reminder that assistance opportunities exist throughout Chicagoland and Illinois. For buyers in the suburbs, programs such as IHDA continue to provide valuable resources, including downpayment assistance and affordable financing options for eligible homebuyers.

Whether your client is a renter hoping to make the leap into homeownership, a first-time buyer unsure where to start, or someone who assumes they need more money saved before they can buy, now is a great time to start the conversation.

At Key Mortgage, we can help identify available assistance programs, review eligibility, and create a strategy tailored to each buyer’s goals. Sometimes the biggest obstacle isn’t qualification, it’s simply knowing what opportunities are available.

Have a buyer who is wondering whether homeownership is within reach? Connect with your Key Mortgage loan officer. We can help explore available assistance programs and create a path forward.