Cook County Down Payment Assistance Program is back open — how to apply

Cook County down payment assistance program begins

Cook County is now offering down payment assistance.

COOK COUNTY, Ill. - Buying a home in Cook County just got a little easier — eligible buyers can now get up to $25,000 in financial assistance.

What we know:

The Cook County Down Payment Assistance Program has opened again. This program helps not only with down payments, but also closing costs and mortgage buydowns.  

The program provides subsidies of up to $25,000 or 5% of the home's sale price, whichever is less.

The assistance is provided as a forgivable second loan over a five-year term.  Households with an annual income at or below 120% of the area's median income are eligible. 

For a family of four, this is $143,880. Applicants must also have a minimum credit score of 620. 

What they're saying:

"Home ownership has long been a cornerstone of the American Dream, but today, rising prices and interest rates have made saving for a down payment more difficult than ever," Cook County Board President Toni Preckwinkle said. "This program is a direct response to that reality."

Dig deeper:

This is the second phase of the program. The pilot launched last year with a $3 million budget and assisted in the purchase of over 200 homes countywide. 

For buyers, mortgage rates rose slightly last week. The mortgage bankers' average for a 30-year fixed rate increased to 6.88%. Applications to buy a home declined, though refinancing applications increased. 

What's next:

Homebuyers interested in the program should visit Club720.org.