Unlock Your Dream Home with CoVantage Credit Union's 2025 Down Payment Assistance Grants!

  • March 19, 2025
  • CoVantage Credit Union

Are you dreaming of owning your own home but worried about the down payment and closing costs? CoVantage Credit Union has a fantastic down payment assistance program for you! We are thrilled to announce the release of the 2025 Downpayment Plus (DPP) funds by Federal Home Loan Bank (FHLB) of Chicago on February 18, 2025. With these funds, we are offering up to a total of $1,000,000 in down payment and closing cost assistance for income-eligible homebuyers. 

What Does This Mean for You?

If you qualify, you could receive up to $10,000 per borrower to help make your dream of homeownership a reality. This is an incredible opportunity to secure the financial support you need to purchase your new home in Michigan, Wisconsin or Illinois. 

Eligibility and Qualifications

To be eligible for the 2025 Downpayment Plus (DPP) funds, you must meet the following qualifications:

  • Income Eligibility: Your household annual income must be less than or equal to 80% of the Area Median Income (AMI) as determined by HUD guidelines.
    To give you an idea of income eligibility, here are some examples of household income limits for a 4-person household in the counties we serve:
  • Langlade County: $69,300
  • Marathon County: $75,850
  • Brown County: $78,400
  • Outagamie County: $83,200
  • Cook County, Illinois: $89,700

Although we have examples of county income limits, we can offer this program to individuals in any state or county we serve, provided that the primary purchase transaction is below the county's Area Median Income (AMI) limits and meets the program's parameters.

  • Homebuyer Contribution: You must contribute at least $1,000 of your own funds towards the purchase of the home (this requirement does not apply to the DPP Advantage program).
  • Homebuyer Education and Counseling: You are required to complete both pre-purchase homebuyer education and counseling. The education must be delivered by a HUD-approved counseling agency or an online provider approved by FHLBank Chicago.
  • Grant Forgiveness: The grant is forgiven on a monthly basis over a five-year retention period.
  • Grant Amount: The maximum grant amount is the lesser of $10,000 or 25% of the first mortgage amount.

How to Apply for Down Payment Assistance

If you have any questions about this program or know someone who could benefit from these grant funds, please call our Mortgage Department at 800-398-2667 ext. 1130 or reach out to a Mortgage Loan Originator at a branch near you for more information. 

Don't miss out on this amazing chance to make your homeownership dreams come true. Contact us today and let CoVantage Credit Union help you unlock the door to your new home! 

Equal Housing Opportunity
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