Up to $25,000 Toward a Home in Cook County, IL – Here’s How to Actually Get It

On July 20, the Cook County Down Payment Assistance Program opened. It offers up to $25,000 to help you buy a home — money that goes toward your down payment, your closing costs, or lowering your monthly payment.

The last time we ran this program, the funds ran out. The demand was that high!

So to help, this article is all about how to be one of the buyers who actually gets the money. The short version: the buyers who win are the ones who are the most ready!

First — you probably qualify, even if you think you don’t

When people hear “down payment assistance,” most assume it’s not for them. They think they earn too much, or that it’s only for first-time buyers, or that the money comes with a catch.

Here’s the reality for this program:

The income limit is $145,800. That’s 120% of the area median income for Cook County. And it’s based on the individual borrower’s income, not the household income. A two-earner household — a teacher and a mechanic, a nurse and a CTA operator — often lands well under that number. Don’t assume you make too much. Check.

In many neighborhoods, there’s no income limit at all. If the home you’re buying is in a state-designated Targeted Area (formally, a Disproportionately Impacted Area or Qualified Census Tract), your income doesn’t matter. You could earn $200,000 and still receive the full assistance. Your lender can tell you whether a specific address qualifies.

You don’t have to be a first-time buyer. Repeat buyers are welcome. If you haven’t owned a home in the past three years, you’ll need to complete a HUD-approved homebuyer education course — that’s it.

The basic requirements are reachable. A credit score of 620 or higher, a debt-to-income ratio under 50% (your lender calculates this for you), and you’re buying a 1–4 unit property in Cook County to live in as your primary residence.

What you actually get

The assistance comes as a second loan of up to 5% of your final first loan amount, capped at $25,000. But it doesn’t behave like a loan you’d recognize:

• No monthly payments. Ever.
• No interest. The balance never grows.
• It forgives itself after 5 years. As long as at least one borrower remains in the home as their primary residence, the entire amount is forgiven at the 5-year anniversary date of your loan. 

You can point the money at your down payment and closing costs, use it to permanently buy down your interest rate (lowering your payment for the life of the loan), or split it between the two. Your lender will walk you through which combination saves you the most.

One limit worth knowing: the assistance works with standard FHA, VA, USDA, Fannie Mae, and Freddie Mac loans, but it can’t be paired with renovation loans like the FHA 203(k).

The one thing that can lock you out

Here is the single most important sentence in this article:

You cannot apply for this program yourself. Only an approved lender can submit your file.

If your lender isn’t approved to participate, it doesn’t matter how qualified you are, how ready you are, or how perfect the house is. Your file can’t be submitted. Buyers have been under contract, days from closing, and unable to use assistance because their lender wasn’t in the program.

So before anything else, ask your lender one question: “Are you approved to participate in the Cook County Down Payment Assistance Program?”

If yes — tell them today that you want to use it, and ask what they need from you.

If no — connect with an approved lender now. The Club 720 app matches you with participating lenders, or you can check the approved lender list at club720.org/cookcounty-dpa.

How to win the race: four moves as soon as possible

The program doesn’t reserve funds for you because you’re interested, or preapproved, or even under contract. Funds are reserved when your approved lender submits your complete file after the program opens — and files are submitted in the order they’re ready. Here’s how to make sure yours is ready first.

Move 1: Get on the platform. Join Club 720 at club720.org or download the free app, and select Get Started. Complete the eligibility form to confirm your eligibility, connect with an approved lender and realtor, and stay in the loop as program updates are announced. (It doesn’t affect your credit score nor qualify you for the program, your lender makes the ultimate call.)

Move 2: Get preapproved by an approved lender. Gather your pay stubs, W-2s or tax returns, bank statements, and photo ID. A preapproval tells you your real budget and means your lender already knows your file when the program opens.

Move 3: Get shopping now. Funds move fast, and the assistance is tied to a specific property and purchase agreement. Work with your realtor to find homes in your budget before July 20 — the strongest position on opening day is under contract or close to it.

Move 4: Keep your finances boring. From now until closing: no new credit cards, no car loans, no large purchases, no job changes without talking to your lender, no unexplained money movements, no missed payments. Lenders re-check your file all the way to closing, and a surprise can delay or derail your approval right when timing matters most.

The bottom line

This program can put up to $25,000 between you and the biggest obstacle most buyers face — the cash it takes to close. It forgives itself just for living in your home. And the income limits are far more generous than most people assume.

But it will not wait for you. Get on Club 720, confirm your lender is approved, get preapproved, and start shopping — so that while this program is open, your file is the one that’s ready.

Start today at club720.org/cookcounty-dpa or download the Club 720 app.