Cook County’s Down Payment Assistance Program reopened on July 20 with $2 million in new funding. Buying a home is one of the biggest financial decisions your clients will make, and programs like these help create possibilities for more potential homeowners and make homeownership more affordable. In its first two phases, the program helped more than 700 buyers close on homes across the county, with an average of $15,000 in assistance per household. Keep reading for everything you need to know about the program.
Which of Your Clients are Eligible?
This program is eligible for buyers who fit the following criteria:
- Household income must be at or below 120% of the Area Median Income ($145,800 for a family of four)
- No income limit for buyers purchasing in a Disproportionately Impacted Area or Qualified Census Tract
- No first-time buyer requirement. Repeat buyers throughout Cook County may apply
- Minimum credit score of 620
- First-time buyers, defined as anyone who hasn’t owned a home in the past three years, must complete a HUD-approved homebuyer education course before closing
- Eligible properties include single-family homes, townhomes and condominiums located anywhere in Cook County
Program Details
The subsidy is worth up to 5% of the home’s sale price, capped at $25,000, and can be applied to the down payment, closing costs or an interest-rate buydown. Assistance is structured as a forgivable second loan over a five-year term, meaning it doesn’t need to be repaid as long as the buyer stays in the home for the full term.
How to Help Your Clients
- Confirm eligibility early, ideally at your first buyer consultation, so income and credit score don’t become a surprise mid-contract.
- Point clients to Club 720, the organization administering the program alongside Cook County and Stifel, Inc. Club 720 runs biweekly virtual workshops in English and Spanish covering eligibility, the application and how to work with participating lenders.
- Connect clients with a participating lender. Cook County added Wintrust Mortgage this round alongside Land Home, giving buyers more lender options.
- Encourage clients to apply as soon as they’re ready, since prior phases moved quickly once lenders had access.
Resources to Share With Clients
- Program details and application: club720.org/cookcounty-dpa
- Program questions: Paul Elue, Cook County Bureau of Economic Development, paul.elue@cookcountyil.gov
- Direct buyer assistance: Club 720, support@club720.org
- Printable flyers for your clients: Available in English and Spanish
This round’s funding is capped at $2 million, so buyers who apply early have the best shot at securing assistance before it’s gone.