Chicago- Down Payment Assistance

[Salomon Lino]

Hello,  I recently heard that the City of Chicago will be announcing a new Down Payment Assistance that will not be restricted to first time buyers?? Here are some of the highlights.

-Up to $12,000 in grant funds. Not tied to IHDA or Bond funds so money won't run out.

-Minimum 3% down payment

-Refinances also

-Owner occupied

-Income restrictions $133k for Conventional & $87k for FHA & VA

This has got to be the sharpest program for down payment assistance I've heard of in years. It is expected to be rolled out in the next 2 weeks which being Chicago means in a month or more. Either way this will mean another uptick in buyer activity in Chicago.  Has anyone heard of this program?