Chicago HomeGrown Grant Guide | Carter Realty Group

Chicago HomeGrown Grant Resource Center

Chicago’s HomeGrown Purchase Assistance Program has created major interest because eligible buyers may be able to receive significant assistance toward purchasing a home in Chicago.

But here is what buyers, sellers, and Realtors need to understand:

The grant amount is only one part of the conversation.

Before anyone writes an offer, accepts an offer, or builds a transaction around this program, they need to understand the application process, timelines, eligibility requirements, financing questions, property requirements, and backup options.

This resource center was created to help buyers, sellers, and real estate professionals better understand the grant.

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What Is the Chicago HomeGrown Grant?

The Chicago HomeGrown Grant is a homebuyer assistance program designed to help eligible buyers purchase a home in Chicago.

Depending on program guidelines, buyer eligibility, household income, property location, and funding availability, the program may provide assistance that can be used toward eligible home purchase costs.

However, the grant is not the same as mortgage approval.

A buyer may be pre-approved for a mortgage and still need to complete additional program reviews before grant funds are approved.

Why This Program Requires a Strategy

Many buyers hear “up to $70,000” and immediately assume the money is guaranteed.

That is not how buyers should approach this program.

Buyers may still need to complete homebuyer education, verify income, meet debt-to-income requirements, satisfy City compliance reviews, confirm property eligibility, and work with an approved or knowledgeable lender.

In many cases, buyers may also need an executed purchase contract before completing the full application process.

That means the buyer could already be under contract before knowing whether the grant will ultimately be approved.

That is why planning matters.

How To Apply for the HomeGrown Grant

Buyers should start by reviewing the current program requirements directly with the program administrators.

Applications and program details may be available through:

www.NHSChicago.org

www.resurrectionproject.org/Homegrown

Before applying, buyers should speak with a lender familiar with the program and a real estate professional who understands how grant timelines can affect inspections, financing, negotiations, closing dates, and backup plans.

Buyer Readiness Checklist

Before relying on the HomeGrown Grant, buyers should complete a readiness review.

□ Get mortgage pre-approved
□ Complete required homebuyer education
□ Review household income
□ Review debt-to-income ratio
□ Check for unpaid City obligations
□ Gather income documents
□ Gather asset documents
□ Confirm loan compatibility
□ Confirm property eligibility
□ Understand the application timeline
□ Ask about funding availability
□ Have a backup financing strategy
□ Speak with a Realtor before writing an offer

BUYER FAQs

To help you make informed decisions as a buyer, we've compiled answers to some of the most commonly asked questions.

Is the Chicago HomeGrown Grant guaranteed?

No. Buyers must meet program requirements, complete documentation, pass required reviews, and funds must still be available.

Is grant approval the same as mortgage approval?

Do I need a purchase contract before applying?

Can unpaid Chicago tickets affect my approval?

Can I use FHA, VA, conventional, or renovation financing?

What happens if the grant funds run out?

SELLER FAQs

To help with questions that may arise as a Seller.

Should sellers accept an offer using the HomeGrown Grant?

Maybe. The offer should be reviewed carefully with attention to financing, timelines, contingencies, inspection periods, closing expectations, and the buyer’s backup plan.

Can the grant delay closing?

Should sellers ask if the buyer has a backup plan?

Does the seller need to do anything special?

What are closing costs, and how much should I expect to pay?

How does my credit score affect my mortgage rate?

REALTOR FAQs

To help you with frequently asked questions for what your Realtor may need to know.

What should Realtors know before writing an offer with this grant?

Realtors should understand that mortgage pre-approval and grant approval are separate. The transaction should be structured with realistic timelines and clear communication.

Should Realtors call the lender before submitting an offer?

Should Realtors verify property eligibility?

Who pays for the 2-1 buydown—the buyer, the seller, or the lender?

Should Realtors prepare the buyer for a backup plan?

How does my credit score affect my mortgage rate?