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Offering low- to moderate-income families forgivable assistance up to $25,000 for home purchases, closing costs, or lowering interest rates.
Forgivable second loan assistance: 5-year term, equal to 5% of the sales price not to exceed $25,000
Experience: Leading community lender since 1988
Reliability: We hold over 90% of our loans
Flexibility: We offer a variety of loan options tailored to your specific needs
Coverage: Licensed in all 50 states and the District of Columbia
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 sales price 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.