Blog

Downpayment Plus Program

Written by Andrea Klinedinst, Executive Administrative Assistant

Navigating the world of homebuying can be tricky. With so many different programs and assistance plans, it can be hard to know which are the right ones for you or even how to get started. Here at MNB, we strive to make your homebuying journey easier. One program we offer assistance with is the Downpayment Plus® Program. Leslie Westen, our Mortgage and Consumer Lending Manager with over 18 years of experience in mortgage and consumer lending, has answered some questions below to determine if the Downpayment Plus® Program is an option for you and how you can get started today.

What is the Downpayment Plus® Program (DPP)?

Leslie Westen (LW): The Downpayment Plus® Program helps make buying a home more affordable. Through this program, eligible homebuyers may receive up to $10,000 to help with down payment and closing costs. The assistance comes as a forgivable grant when you purchase a home using a mortgage from a participating bank like MidAmerica National Bank.

Who is eligible for DPP?

LW: The program is designed for buyers who:

· Meet income guidelines based on household size and location;

· Are buying a home they plan to live in as their primary residence;

· Complete a homebuyer education and counseling course; and

· Contribute at least $1,000 of their own funds toward the purchase

Your loan officer will help review eligibility and guide you through the process.

How can you get started with DDP today?

LW: Getting started is easy:

· Reach out to one of our loan officers.

· Complete a mortgage application.

· Review eligibility and program details with us.

· Complete the required homebuyer education.

We’ll take care of the rest and help you see if this program is a good fit.

A few helpful things to keep in mind:

· The grant is forgiven over five years.

· If you sell or refinance early, part of the grant may need to be repaid.

· Funds are limited and available on a first-come, first-served basis.

· Participation doesn’t guarantee loan approval — standard mortgage requirements still apply.

We’ll explain everything clearly so there are no surprises.

What makes MNB the best choice for DPP?

LW: At MidAmerica National Bank, we’re committed to helping our neighbors achieve homeownership. As a participating member of the Federal Home Loan Bank of Chicago, we can offer the Downpayment Plus Program and walk you through every step. You’ll work with a local lender, get personal guidance, and have a team focused on finding the best solution for your homebuying goals.

If you are interested in applying for a loan or have any questions on DPP or our other loan programs, call one of our mortgage loan officers today.