Popular homebuyer assistance programs are due to return in 2015. These programs offer down-payment assistance to those who meet income and credit qualifications. The Federal Home Loan Bank of Chicago offered up to $8,000 per transaction in 2014, and the Illinois Housing Development Authority offered the “Smart Move” (offering $6,000 per transaction) and the “Welcome Home Illinois” ($7,500 per transaction) first-time homebuyer programs. These state-funded programs are for first-time homebuyers only and in some cases, were combined with the FHLB Grant for a total of $15,500 in assistance. Only $1,000 is required as a down payment (from your own funds), and the Private Mortgage Insurance required is reduced so your operating costs are lower.