Buying a first home in Chicago comes down to nine tasks, from setting a budget to applying for the Cook County Homeowner Exemption after you move in; this checklist lists each one with the program amounts, contract deadlines and costs that apply in 2026, each linked to its primary source.
Last reviewed November 8, 2026 · Chicago First Time Home Buyer editorial team
This page is the to-do list. For how each stage works, read how to buy a home in Chicago: the 7 steps; for every date between an accepted offer and the keys, see the Chicago closing timeline.
At a glance
| Step | Key number or deadline | Source |
|---|---|---|
| 2. Pre-approval | Minimum down payment: FHA 3.5%; Fannie Mae HomeReady 3%; VA none if the price isn’t above the appraised value. IHDA loans: credit score of at least 640 | [4], [5], [6], [7] |
| 3. Assistance programs | HomeGrown grant $10,000–$70,000 by income and zone, never more than 25% of the price; IHDAccess Home 6% of the price up to $15,000; FHLBank Downpayment Plus the lesser of $10,000 or 25% of the first mortgage | [9], [10], [7], [11] |
| 4. Homebuyer education | HomeGrown: 6–8 hours with a HUD-approved counseling agency; IHDA: before closing; TaxSmart: in-person HUD-approved counseling | [9], [7], [8] |
| 6. Inspection | Notice within 5 business days after acceptance, if your contract includes an inspection option | [1] |
| 7. Attorney review | 5 business days after acceptance | [1] |
| 8. Closing | Closing Disclosure at least 3 business days before closing; City transfer tax, buyer’s share generally $3.75 per $500 of price (0.75%) | [2], [3] |
| 9. After you move in | Homeowner Exemption takes $10,000 off equalized assessed value; assessment appeals are free | [13], [14] |
Start with the money: the down payment assistance calculator estimates how much help you may get from Chicago, Cook County, IHDA and FHLBank Chicago programs.
1. Set a budget
- Count the full monthly cost, not only the mortgage: property taxes, homeowners insurance, and condo or HOA assessments. See monthly payment on a Chicago home.
- Estimate the property tax bill for the homes you are looking at. See Chicago property taxes for home buyers.
- Set aside cash for closing costs as well as the down payment. See closing costs in Chicago.
2. Check your credit and get pre-approved
- Compare loan types: an FHA down payment can be as low as 3.5% of the price [4], Fannie Mae’s HomeReady as low as 3% [5], and a VA purchase loan needs no down payment as long as the price isn’t higher than the appraised value [6]. See first-time home buyer loans in Chicago and credit score to buy a house in Chicago. If you are using FHA, see how FHA’s 2027 credit score models change.
- Choose a lender that offers the assistance programs you want. IHDA’s Opening Doors and Access programs require a credit score of at least 640, and Opening Doors and Access Home require an IHDA Mortgage approved lender [7].
- If you might use the City’s TaxSmart Mortgage Credit Certificate, apply for it when you get your mortgage; after closing you can’t obtain one [8]. See TaxSmart.
3. Check which assistance programs fit
- City of Chicago HomeGrown: a grant of $10,000 to $70,000 depending on household income and the home’s zone (Zone A up to $70,000 at up to 120% of area median income; Zone B up to $50,000 at up to 150%), never more than 25% of the price, for single-family homes, condos, townhomes and two-unit buildings [9], [10]. See HomeGrown.
- IHDAccess Home (IHDA’s Access Home): 6% of the price up to $15,000, interest-free and deferred until you sell, refinance or pay off the mortgage, for first-time buyers or exempt buyers (eligible veterans, or homes in targeted areas) [7]. See IHDAccess Home.
- FHLBank Chicago Downpayment Plus: a grant of the lesser of $10,000 or 25% of the first mortgage, for households at or below 80% of area median income, through a participating member lender, first-come, first-served while funds remain; you contribute at least $1,000 [11]. See Downpayment Plus.
- Know the combination rules before you apply: bond-funded programs, including IHDA subsidy programs and the TaxSmart Mortgage Credit Certificate, can’t be layered with HomeGrown [9]. See HomeGrown vs. IHDAccess Home and all Chicago programs.
4. Take homebuyer education
- Most assistance programs require education: HomeGrown requires 6 to 8 hours with a HUD-approved counseling agency, and self-paced online courses don’t count [9]; IHDA loans require homeownership education before closing [7]; TaxSmart requires HUD-approved in-person pre-purchase counseling for first-time buyers [8]. See where to take homebuyer education in Chicago.
5. Choose a broker
- Work with a broker who uses these programs often and knows which lenders offer them. Talk to a Chicago broker.
6. Tour homes and plan the inspection
- Compare neighborhoods by home type and transit. See Chicago’s 77 neighborhoods.
- Buying a condo with FHA? Check that the building is FHA-approved before you offer. See how to check FHA condo approval and buying a condo in Chicago.
- Under the Multi-Board 8.0 contract, if you choose an inspection option, the inspection notice is due within 5 business days after your offer is accepted (10 calendar days for a lead-based paint inspection), so line up an inspector early [1]. The form’s default option waives inspections, so make sure yours is checked.
7. Make an offer and get through attorney review
- Attorney review runs 5 business days after acceptance under Multi-Board 8.0; if the two sides haven’t agreed on changes after 10 business days, either may end the contract [1]. Have a real estate attorney ready before you offer. See attorney review in Illinois.
8. Prepare for closing
- You must receive the Closing Disclosure at least 3 business days before closing [2]. Compare it with your Loan Estimate. For every deadline from accepted offer to keys, see the Chicago closing timeline.
- Budget for the buyer’s share of the Chicago transfer tax: generally $3.75 per $500 of price (0.75%) [3]. See Chicago transfer tax.
- Cook County property taxes are collected in arrears, and the first installment is 55% of the prior year’s total taxes [12]. Ask your attorney how the taxes for the seller’s time in the home are handled on your closing statement.
9. After you move in
- Apply for the Cook County Homeowner Exemption: it reduces your home’s equalized assessed value by $10,000. You must live in the home as your principal residence on January 1 of the tax year; if the exemption hasn’t been granted to you on this home before, file an initial application, and after that it renews automatically each year as long as you live there [13]. See Homeowner Exemption.
- Watch your township’s assessment appeal window: filing is free, you do not need to hire anyone, and you typically have 30 days after your reassessment notice, with the last date printed on the notice [14]. See how to appeal your property tax assessment.
Common questions
How long does it take to buy a first home in Chicago?
Once your offer is accepted, the contract deadlines start right away: attorney review runs 5 business days under Multi-Board 8.0, as does the inspection notice if your contract includes an inspection option [1]. The time before that, from budgeting to finding a home, varies with your finances and the market. The Chicago closing timeline works through a dated example.
Do I need to take a homebuyer class in Chicago?
If you use most assistance programs, yes. HomeGrown requires 6 to 8 hours with a HUD-approved counseling agency (self-paced online courses don’t count) [9], IHDA loans require education before closing [7], and TaxSmart requires in-person HUD-approved counseling for first-time buyers [8]. See where to take homebuyer education in Chicago.
How much down payment help can a first-time buyer get in Chicago?
HomeGrown grants run from $10,000 to $70,000 by income and zone, capped at 25% of the price [9], [10]; IHDAccess Home is 6% of the price up to $15,000 [7]; and FHLBank Downpayment Plus is the lesser of $10,000 or 25% of the first mortgage [11]. HomeGrown can’t be layered with bond-funded programs such as IHDA subsidy programs [9]. The down payment assistance calculator estimates your amount.
Can I get a TaxSmart Mortgage Credit Certificate after I close?
No. The City says you must apply for the MCC when you obtain the mortgage, and after closing you can’t obtain one [8].
What should a first-time buyer do after closing?
Apply for the Cook County Homeowner Exemption, which reduces your equalized assessed value by $10,000; if it hasn’t been granted to you on this home before, you file an initial application, and it then renews automatically each year [13].
Sources
- Chicago Association of REALTORS®, Multi-Board Residential Real Estate Contract 8.0 (highlighted major changes), approved February 2025: ¶13, ¶15. Read November 8, 2026.
- Consumer Financial Protection Bureau, Know Before You Owe: You’ll get 3 days to review your mortgage closing documents, June 3, 2015 (updated July 27, 2015).
- City of Chicago Department of Finance, Real Property Transfer Tax, read November 8, 2026 (no page date).
- U.S. Department of Housing and Urban Development, Let FHA Loans Help You, read November 8, 2026.
- Fannie Mae, HomeReady Mortgage, read November 8, 2026.
- U.S. Department of Veterans Affairs, VA-backed purchase loan, read November 8, 2026.
- Illinois Housing Development Authority, Getting an IHDA Loan, read November 8, 2026 (no page date).
- City of Chicago Department of Housing, TaxSmart Mortgage Credit Certificate (Series 2022), read November 8, 2026.
- Neighborhood Housing Services of Chicago, HomeGrown, modified July 6, 2026.
- The Resurrection Project, HomeGrown (grant chart effective May 1, 2026; page modified September 25, 2026).
- Federal Home Loan Bank of Chicago, Downpayment Plus Programs, read November 8, 2026.
- Cook County Treasurer, property tax pamphlet (no date), read November 8, 2026.
- Cook County Assessor’s Office, Homeowner Exemption, read November 8, 2026 (no page date).
- Cook County Assessor’s Office, Appeals, read November 8, 2026.
Cite this page: Chicago First Time Home Buyer, “The Chicago First-Time Home Buyer Checklist (2026),” last reviewed November 8, 2026, chicagofirsttimehomebuyer.com/first-time-buyer-checklist/.