mortgage grant program

Down Payment Plus

Up to $10,000 Grant

Down Payment Plus is a matching program that provides down payment and closing cost assistance for income-eligible homebuyers. The assistance is provided in the form of a forgivable grant paid on behalf of the borrower at the time the borrower closes on mortgage financing with a participating financial institution, such as State Street Bank. Grants are not restricted to first-time home buyers and can be used for a down payment, closing, or rehab costs. Grants are forgiven monthly over a five-year retention period. The grant amount changes yearly and requirements are announced each year in the Spring. ​​Funds for this program are limited and are awarded on a first-come, first-served basis until the funds are depleted. For 2026, the maximum grant amount is the lesser of $10,000 or 25% of the first mortgage amount.  Minimum $1,000 homebuyer net contribution.

Eligibility

To be eligible, you must meet income and eligibility requirements, including:

  • Your total household income may not exceed 80% of the area median income based on income guidelines published annually by the U.S. Department of Housing and Human Development (HUD).
  • You must contribute at least $1,000 toward the home purchase.
  • You must attend pre-purchase home buyer education to ensure you understand the buying process as well as ownership responsibilities.
  • You must use the home as your primary residence.
  • You must sign a five-year retention agreement and agree to a lien on the property for the amount of the DPP grant. DPP grants are forgiven over a period of five years (1/60th per full month). In the event of property sale or removal of the Affordable Housing Program (AHP) Lien prior to the end of the 5-year retention period, the homebuyer(s) may be required repay a prorated portion of the grant.
  • You must meet State Street Bank's loan underwriting criteria.

Are You Eligible?

Adams County Household Income Limits*

• 1 Member Household - $51,050• 5 Member Household - $78,750
• 2 Member Household - $58,350• 6 Member Household - $84,600
• 3 Member Household - $65,650• 7 Member Household - $90,400
• 4 Member Household - $72,900• 8 Member Household - $96,250

*As of May 11, 2026. Down Payment Plus is a program from the Federal Home Loan Bank of Chicago. Restrictions apply. Please see the Federal Home Loan Bank of Chicago’s website at www.fhlbc.com for complete requirements. “Downpayment Plus” is a registered trademark of the Federal Home Loan Bank of Chicago.

 Contact a State Street Bank Mortgage lender today to discuss your options.