Cook County Bureau of Economic Development
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Cook County Bureau of Economic DevelopmentILFirst-Time HomeownerCounty-run forgivable second-mortgage program that provides down payment, closing cost, and mortgage rate buydown assistance to income-eligible homebuyers purchasing 1–2 unit properties in Cook County.
Updated: Dec 6, 2025
Offers substantial down payment or closing cost support to homebuyers in Cook County to help bridge upfront purchase cost barriers.
Eligible for: Eligible homebuyers for 1-2 unit property in Cook County, credit score ≥ 620, DTI ≤ 50%, income ≤ 120% AMI unless purchasing in a Targeted A…
Funding: Provides up to 5 percent of the sale price, capped at 25,000 dollars, in forgivable second-loan assistance that can be used toward down payment, closing costs, or interest rate buydowns, with forgiveness tied to compliance with occupancy and program terms while funds are available.Deadline: Rolling / until funds exhausted; reopened June 2025 but currently out of funds.RollingCounty (Cook County, Illinois)homebuyerfirst-time homebuyerlow-income homebuyermoderate-income homebuyerIllinois homebuyerCook County homebuyerdown payment assistanceclosing cost assistancerate buydownforgivable second mortgagecounty programhomebuyer education required