City of Chicago · 2026
Buying your first home in Chicago, explained step by step.
Down payment programs, loan options, closing costs and Cook County taxes, written in plain language and checked against the agencies that run them.
- Every fact linked to its source
- New updates every Tuesday and Friday
- Updated October 6, 2026
Start here
Where are you in the process?
The process
Seven steps to buying in Illinois
- 1Set a budgetInclude taxes, insurance and condo fees.
- 2Get pre-approvedWith a lender that offers the programs you want.
- 3Take the classUsually eight hours at a HUD-approved agency.
- 4Choose a brokerSomeone who works these programs often.
- 5Tour and inspectFive business days for inspection notice.
- 6Offer and attorney reviewFive business days for each attorney.
- 7ClosePay closing costs and the transfer tax.
News & updates
What changed for Chicago buyers
- Oct 2, 2026Chicago Property Tax Appeal Deadlines, Fall 2026: Hyde Park Oct. 8, Lake Oct. 29, Jefferson Nov. 12
- Sep 28, 2026Chicago’s 2027 Budget and Your Property Tax Bill: What Buyers Should Watch This Fall
- Sep 28, 2026Mortgage Rates Top 7%: What It Means for a Chicago Monthly Payment (September 2026)
- Sep 28, 2026Cook County Property Tax Bills Are Due October 1, 2026: What Chicago Buyers Should Know
Costs
Chicago costs first-time buyers ask about most
Figures for 2026, each linked to its page and sources.
All costs →| Item | Amount | When |
|---|---|---|
| City transfer tax, buyer share | $3.75 per $500 (0.75%) | At closing |
| Cook County Homeowner Exemption | $10,000 off assessed value | Apply after you move in |
| Property tax, second installment | Tax year 2025 balance | Due October 1, 2026 |
| FHA loan limit, one unit | $541,287 | 2026 |
| Conforming loan limit, one unit | $832,750 | 2026 |
Our brokers
Chicago brokers who focus on first-time buyers
A small team of licensed Chicago brokers who work with first-time buyers. Talk with one about your situation at no cost.
- 01Checking which programs fit you HomeGrown, IHDAccess Home and FHA, based on your income and the home.
- 02Finding lenders that offer them Assistance programs only work with participating lenders.
- 03Sizing up condos and two-flats Association finances, special assessments and rental income.
Questions
What buyers ask first
Do I count as a first-time buyer?
Usually yes if you have not owned your primary residence during the program's look-back period, often three years. Each program sets its own rule, and HomeGrown does not accept current homeowners.
Read the full answer: Who Counts as a First-Time Home Buyer in Chicago? →How much help can I get in Chicago?
The City's HomeGrown program grants $10,000 to $70,000 depending on income and property zone. IHDA's IHDAccess Home provides up to $15,000 as a 0% second mortgage.
Read the full answer: Down Payment Assistance Programs in Chicago (2026) →How long is attorney review?
Five business days after your offer is accepted, under the Multi-Board Residential Real Estate Contract 8.0 used in most Chicago-area sales.
Read the full answer: Attorney Review in Illinois: How the 5-Day Period Works for Chicago Buyers →Can I buy a two-flat with help?
Yes. HomeGrown covers two-unit buildings. Three- and four-unit buildings are not eligible.
Read the full answer: Buying a Chicago Two-Flat With an FHA Loan: 2026 Guide for First-Time Buyers →What is the minimum down payment in Chicago?
It depends on the loan: 3.5% for FHA, as little as 3% for conventional programs such as Fannie Mae's HomeReady, and none for eligible VA borrowers. Assistance programs can cover part or all of it.
Read the full answer: Mortgage Options for First-Time Buyers in Chicago: FHA, Conventional and VA →What closing costs do Chicago buyers pay?
Lender and title charges, an attorney fee, prepaid taxes and insurance, and the buyer's 0.75% share of the City of Chicago transfer tax. The seller usually credits the buyer for property taxes, which Cook County bills a year behind.
Read the full answer: What It Costs to Buy a Home in Chicago →Have a question about your situation?
Talk with a Chicago broker who works with first-time buyers. No cost and no obligation.