Cook County Launches $2 Million Down Payment Assistance Program for Buyers
What assistance is available for first-time homebuyers in Cook County? Cook County has launched phase three of its down payment assistance program, backed by $2 million approved earlier this year. Eligible buyers can receive subsidies of approximately 5% of their final first loan, with maximum assistance of up to $25,000, which can be used for down payments, closing costs, or interest-rate buydowns. The program offers support as a forgivable second loan over five years, with households earning around 120% of the Area Median Income qualifying, and no income cap in designated areas. Applicants must have a minimum credit score of 620, and first-time buyers are required to complete a federally approved homebuyer course prior to closing in Cook County.
Cook County has announced that more lenders can join the program, which will expand borrower options with an added loan servicer. The latest funding is anticipated to assist over 100 buyers in achieving homeownership. This initiative reflects Cook County's commitment to creating practical pathways for households to secure financing, making the dream of homeownership more accessible in the current real estate landscape.
If you're a potential buyer in Cook County, this program may provide the support and resources you need to successfully navigate the home buying process.
For expert insights on the Chicago real estate market, connect with Annette Shelton, REALTOR® at Baird & Warner.