]]>YOUR DOWN PAYMENT COMES FROM THE COUNTY ON TOP OF YOUR $8000 TAX CREDIT FOR FIRST TIME BUYERS! NOW THAT'S AN EXIT PLAN!
This funding for the program is limited and will be awarded until the funds are depleted. Please note that the program guidelines (below) are subject to change!
WHAT IS THIS PROGRAM?
The County Down Payment program is an interest-free five-year forgivable loan, secured by a second silent lien, given to income-qualified first-time homebuyers to meet down payment and closing costs for the purchase of a house in participating suburban areas of Cook County, Illinois. The entire list of towns are found below.
DO YOU QUALIFY?
The homebuyer/applicant should be a first-time home buyer or the applicant and his/her spouse must not have owned a home during the three year period prior to purchasing a home with the this Down Payment Initiative assistance program.
HOW DOES THE PROGRAM WORK?
The Down Payment Assistance program awards a five-year forgivable second mortgage for down payment and closing costs. This loan is offered to conventional lenders, as well as to Fannie Mae, FHA and non-conforming conventional lenders.
WHAT ARE THE LOAN FEATURES?
1. Loan amount of 6% of the purchase price or $10,000 (whichever is greater), not to exceed $14,999.00.
2. Zero percent interest. No monthly payments. No fees.
3. Property must be an owner-occupied, single-family residence (single-family house, condominium or townhouse).
4. The house must be the homeowner's primary residence for five years. After five years, the loan is forgiven.
5. Loan is ONLY due on sale or if owner moves out before the five year period expires.
6. The maximum appraised value of the property can not exceed $275,200.
7. The home buyer CANNOT receive any cash back.
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WHERE CAN YOU PURCHASE A HOME?
The program is only available in the following Cook County communities and all unincorporated areas:
North:
Deerfield*, Glencoe, Glenview, Golf, Kenilworth, Lincolnwood, Morton Grove, Niles, Northbrook, Northfield, Park Ridge, Rosemont, Wilmette, Winnetka
Northwest:
Barrington, Barrington Hills*, Bartlett*, Buffalo Grove*, Elk Grove*, Hanover Park*, Hoffman Estates, Inverness, Prospect Heights, Rolling Meadows, Roselle, South Barrington, Streamwood, Wheeling*
West:
Bedford Park, Bellwood, Bensenville*, Berkeley, Berwyn, Bridgeview, Broadview, Brookfield, Burbank, Burr Ridge*, Cicero, Elmwood Park, Forest Park, Forest View, Franklin Park, Harwood Heights, Hillside, Hinsdale*, Hodgkins, Indian Head Park, Justice, LaGrange, LaGrange Park, Lyons, Maywood, McCook, Melrose Park, Norridge, North Riverside, Northlake, River Grove, Riverside, River Forest, Schiller Park, Stickney, Stone Park, Summit, Westchester, Western Springs, Willow Springs
Southwest:
Alsip, Chicago Ridge, Countryside, Evergreen Park, Hickory Hills, Hometown, Lemont*, Merrionette Park, Orland Hills, Orland Park, Palos Heights, Palos Hills, Palos Park, Tinley Park*, Worth
South:
Blue Island, Burnham, Calumet City, Calumet Park, Chicago Heights, Country Club Hills, Crestwood, Dixmoor, Dolton, East Hazel Crest, Flossmoor, Ford Heights, Glenwood, Harvey, Hazel Crest, Homewood, Lansing, Lynwood, Markham, Matteson*, Midlothian, Oak Forest, Olympia Fields, Park Forest*, Phoenix, Posen, Richton Park, Riverdale, Robbins, Sauk Village, South Chicago Heights, South Holland, Steger*, Thornton
* Cook County portion only.
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