Mayor Rahm Emanuel in conjunction with the City of Chicago Council has established the Home Buyer Assistance Program to promote homeownership for more working families. The program is open to those who are buying or refinancing a home with an existing mortgage. Qualified buyers can receive up to 7% of the total loan amount based on income. The program is available to FHA-insured loans or those insured by Fannie Mae or Freddie Mac with the home buyers annual income up to approximately $133,000. The program does not limit purchasers to only first time home buyers. The grant money received is based on income. Qualified buyers cannot use the grant for all of their down payment and are required to add the lesser of $1,000 or 1% of the home purchase price at the closing. Borrowers are not allowed to receive cash back on refinances. See below links for more information and contact any of our Chicago real estate agents to learn more about available homes that qualify for this program.