A Chicago guide for first-time buyers How we check factsCall or text (360) 977-2888

The Chicago First-Time Home Buyer Checklist (2026)

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

StepKey number or deadlineSource
2. Pre-approvalMinimum 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 programsHomeGrown 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 educationHomeGrown: 6–8 hours with a HUD-approved counseling agency; IHDA: before closing; TaxSmart: in-person HUD-approved counseling[9], [7], [8]
6. InspectionNotice within 5 business days after acceptance, if your contract includes an inspection option[1]
7. Attorney review5 business days after acceptance[1]
8. ClosingClosing 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 inHomeowner Exemption takes $10,000 off equalized assessed value; assessment appeals are free[13], [14]
Program amounts, loan rules and deadlines as published by each source, read November 8, 2026 (HomeGrown grant chart effective May 1, 2026; contract periods from Multi-Board 8.0, approved February 2025). Program funding changes; confirm with the administrator before you apply.

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

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

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

  1. Chicago Association of REALTORS®, Multi-Board Residential Real Estate Contract 8.0 (highlighted major changes), approved February 2025: ¶13, ¶15. Read November 8, 2026.
  2. 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).
  3. City of Chicago Department of Finance, Real Property Transfer Tax, read November 8, 2026 (no page date).
  4. U.S. Department of Housing and Urban Development, Let FHA Loans Help You, read November 8, 2026.
  5. Fannie Mae, HomeReady Mortgage, read November 8, 2026.
  6. U.S. Department of Veterans Affairs, VA-backed purchase loan, read November 8, 2026.
  7. Illinois Housing Development Authority, Getting an IHDA Loan, read November 8, 2026 (no page date).
  8. City of Chicago Department of Housing, TaxSmart Mortgage Credit Certificate (Series 2022), read November 8, 2026.
  9. Neighborhood Housing Services of Chicago, HomeGrown, modified July 6, 2026.
  10. The Resurrection Project, HomeGrown (grant chart effective May 1, 2026; page modified September 25, 2026).
  11. Federal Home Loan Bank of Chicago, Downpayment Plus Programs, read November 8, 2026.
  12. Cook County Treasurer, property tax pamphlet (no date), read November 8, 2026.
  13. Cook County Assessor’s Office, Homeowner Exemption, read November 8, 2026 (no page date).
  14. 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/.