Cook County

Down Payment Assistance Program

Offering low- to moderate-income families forgivable assistance up to $25,000 for home purchases, closing costs, or lowering interest rates.

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Illinois

Cook County Advantage

Down Payment Assistance

Forgivable second loan assistance: 5-year term, equal to 5% of the final first loan amount not to exceed $25,000

Cook County Loan Requirements

Here’s what you’ll need to get started.

  1. Credit Score Minimum credit score of 640
  2. Income Limit Up to $134,520*
  3. Debt-to-income ratio Up to 50%
  4. Occupancy required Within 60 days of closing
*borrowers who purchase a home in a Qualified Census Tract (QCT) or in a Disproportionately Impacted Area (DIA) are exempt from the Program Income Limits.

Qualifications

The home loan that unlocks opportunities

Qualifications

The home loan that unlocks opportunities.
  • Cook County, Illinois
  • Purchases only
  • Single Family, Condominiums, Townhomes, or Manufactured Housing

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Cook County FAQs

The Cook County Down Payment Assistance Program is designed to help low- to moderate-income individuals and families achieve homeownership by providing financial assistance for down payments and closing costs. The program offers a forgivable second loan with a five-year term, equal to 5% of the final first loan amount not to exceed $25,000.

Eligibility is based on factors such as income limits, which vary by household size, and the home being purchased must be located within Cook County. Applicants must also meet standard lending criteria and be purchasing a primary residence.

The funds can be applied toward the down payment, closing costs, or buying down the interest rate on your first mortgage, making homeownership more affordable.

The assistance is provided as a forgivable second loan. If you remain in the home for five years and meet the program’s requirements, the loan is forgiven, meaning you don’t have to repay it.