In an effort to allow more Chicago residents to become homeowners, Guaranteed Rate has entered into a partnership with the City of Chicago and Chicago Infrastructure Trust to offer a new 1% down payment loan, reports HousingWire staffer Brena Swanson.

The Chicago Home Buyer Assistance Program allows buyers to have an annualized income up to $133,000, regardless of family size, for conventional loans, and requires the borrower to contribute the lesser of 1% of the home purchase price or $1,000. Homes must also be purchased within city limits, but single-family homes, condominiums, town houses, and up to four-unit multi-family buildings are eligible.

"Through our partnership with Guaranteed Rate, this Program will strengthen our neighborhoods by providing working- and middle-class Chicago home buyers with the financial support they need for down payments and closing costs," said Leslie Darling, Executive Director of the Chicago Infrastructure Trust.

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