Cook County’s $25,000 Down Payment Assistance Program Is Back!

Exciting news for Cook County homebuyers: the Cook County Down Payment Assistance Program has officially reopened, and A & N Mortgage is an approved participating lender.

This program can provide eligible buyers with assistance equal to 5% of the final first-mortgage loan amount, up to $25,000. Funds may be used toward the down payment, closing costs, or an interest-rate buydown. The assistance is structured as a forgivable second loan over five years. (Cook County)

Why Agents and Buyers Need to Act Quickly

Cook County allocated only $2 million for this phase of the program. Previous phases helped hundreds of households purchase homes, so the available funds are expected to be claimed quickly. Agents with interested or potentially eligible buyers should connect them with a participating lender as soon as possible. (Cook County)

What You Need to Know

• Assistance is equal to 5% of the buyer’s first loan amount, up to a maximum of $25,000.

• Funds may be used for the down payment, closing costs, or a mortgage interest-rate buydown.

• The assistance is provided as a forgivable second loan with a five-year term.

• Buyers may use conventional, FHA, or VA financing, subject to lender and program requirements.

• The program is available to both first-time and repeat homebuyers.

• Eligible properties must be located in Cook County and used as the buyer’s primary residence.

• Income limits generally apply up to 120% of the Area Median Income. There is no income limit for qualifying purchases in certain Disproportionately Impacted Areas or Qualified Census Tracts.

• First-time homebuyers must complete an approved homebuyer education course before closing. (Cook County)

  
  

Additional credit, property, occupancy, loan-program, and underwriting requirements may apply. Buyers should speak directly with an approved lender to confirm eligibility before relying on the assistance in an offer or purchase plan.

Connect Your Buyers with A & N Mortgage

Maria and Terrence with A & N Mortgage can help buyers review the program, determine eligibility, and understand the financing process.

Find their contact information here:https://www.kalehuddle.com/post/a-n-mortgage-preferred-lenders

Because funding is limited, do not wait until your buyer finds a property to begin the conversation. Encourage interested buyers to speak with Maria or Terrence now so they can understand their options and prepare to move quickly.

Official Cook County program information:https://www.cookcountyil.gov/news/cook-county-launch-third-phase-down-payment-assistance-program