Residents who meet credit score and income qualifications have access to a new $3,000 grant to help with a down payment.
An aerial view shows the Little Village neighborhood looking northeast toward downtown Chicago in 2017.
Freddie Mac launched a program called BorrowSmart Access early this month, allowing some first-time homebuyers in 10 metropolitan areas — including Chicago — to receive a $3,000 grant toward a down payment on a single home or two-flat if they receive loans from Rocket Mortgage, the country’s biggest lender. Freddie Mac, one of the housing market’s primary financers of mortgage loans, is trying to partner with other mortgage lenders soon, according to the company.
Chicago was one of the 10 metro areas chosen due to its high concentration of Black and Latino potential buyers who could meet the program’s qualifications, as well as the region’s higher-than-national-average levels of available housing stock, said Danny Gardner, a senior vice president of community engagement at Freddie Mac.
“We believe it is an opportune market to try to promote the opportunity of homeownership and provide some assistance to what we know to be the biggest challenge for new homebuyers, which are funds for down payment and closing costs,” Gardner said. He added that these costs have been exacerbated by high levels of inflation and surging home price and rent growth over the last few years.
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