Public Safety Officer Homeownership Program

Chicago police officers, firefighters, and paramedics who purchase homes in targeted areas of Chicago may be eligible to receive $3,000 in down payment and closing costs assistance. If the purchase is located in a CHA Redevelopment Property $7,500 in assistance may be available.

The deferred loan is available per household and may be used for a down payment or closing costs, including title insurance; credit reports; recording fees; appraisals; points; transfer stamps; third-party property inspection fees; first year’s payment of mortgage insurance; and other customary bank related closing charges. This loan will be fully forgiven if the officer resides in the home for at least five years.

Program Requirements:
• The applicant must be a non-probationary police officer in good standing with the Chicago Police Department or a non-probationary firefighter or paramedic with the Chicago Fire Department
• Assistance is only available for properties located within the City of Chicago
• The applicant must be purchasing a single family property, condo or 1-4 unit and must be located within a specified census tract
• The public safety officer must be one of the borrowers on the first mortgage loan and must live in the acquired home as his or her primary residence for at least five years after acquisition
• Contribute at least 1% of personal funds towards the down payment on the purchase price of the property

Contact us for more information: