Downpayment Plus® Program
Are you dreaming of owning your own home but struggling to come up with the funds for a down payment and closing costs?
Lisle Savings Bank has great news for you! We are excited to introduce our participation in the Downpayment Plus® (DPP®) program, a fantastic initiative that provides assistance to income-eligible homebuyers. Let’s explore the key details of the DPP® program and how it can help you turn your homeownership dreams into reality.
WHAT IS THE DOWNPAYMENT PLUS® PROGRAM?
The Downpayment Plus® (DPP®) program is a remarkable opportunity for prospective homebuyers. It offers down payment and closing cost assistance to individuals who meet the income requirements.
HERE'S HOW IT WORKS:
- Forgivable Grant: The assistance provided through this program is in the form of a forgivable grant. This means the grant is not a loan, and you won't have to repay it.
- Monthly Forgiveness: The grant is forgiven on a monthly basis over a five-year retention period. As long as you maintain the property as your primary residence and continue to meet the program's requirements, the grant gradually becomes yours.
- Available at Closing: The grant is paid on your behalf at the time of closing on your mortgage financing with Lisle Savings Bank, a participating member of FHLBank Chicago.
HOW CAN YOU BENEFIT FROM THE DOWNPAYMENT PLUS® PROGRAM?
Now that you know what the program entails, let's explore the benefits it offers to income-eligible homebuyers:
- Financial Relief: Saving for a down payment and closing costs can be a significant barrier for many prospective homeowners. The Downpayment Plus® program provides financial assistance that eases this burden, making homeownership more accessible.
- No Repayment Required: Unlike traditional loans, the grant provided through this program does not need to be repaid. This means you can enjoy the benefits of assistance without the stress of additional monthly payments.
- Five-Year Forgiveness Period: The grant forgiveness is spread over a five-year period. This extended timeline allows you to focus on building your life in your new home without immediate financial pressure.
HOW TO GET STARTED
To get started with the Downpayment Plus® program, follow these steps:
- Check Eligibility: Visit the Downpayment Plus® program website for detailed information on income eligibility and other requirements.
- Apply: If you meet the eligibility criteria, contact Lisle Savings Bank for assistance with your application and to explore mortgage financing options.
- Application Review: FHLBank Chicago will work with your lender to review your application and eligibility. Your lender can answer any questions you may have about the DPP® process.
- Preparation: After your lender has confirmed your DPP® grant reservation is in place, you will work with your lender to complete the required pre-purchase education and pre-purchase counseling through approved providers.
- Enjoy Your New Home: DPP® funds can be used to help with your down payment, closing costs, and/or up to $500 of your homebuyer education and counseling costs if they meet eligibility requirements. Talk to your lender to understand how DPP® will work with your home purchase.
Lisle Savings Bank is proud to be a participating member of the Downpayment Plus® program, and we're excited to help income-eligible homebuyers realize their dreams of homeownership. This program provides valuable assistance, eases the financial burden of down payments and closing costs, and strengthens our communities. If you're ready to take the first step towards owning your own home, reach out to us today and discover how the Downpayment Plus® program can make it a reality.
Homeownership is within reach, and Lisle Savings Bank is here to make it happen. Contact us today and let us assist you on your journey to secure your dream home!