Buying a home is one of the most significant investments you’ll make in your life, but it often comes with a hefty price tag, especially in Cook County. Many potential homebuyers find themselves deterred by the burden of saving for a down payment. Fortunately, Cook County is stepping in to ease this burden with its Down Payment Assistance Pilot Program, designed to help first-time homebuyers like you achieve the dream of homeownership. Here’s what you need to know about this program and how it can benefit you. What is the Down Payment Assistance Pilot Program? The Down Payment Assistance Pilot Program provides financial assistance to low- to moderate-income families in Cook County who are looking to buy their first home. The program offers financial assistance of up to $25,000 or 5% of the home's purchase price, whichever amount is lower. It aims to make homeownership more accessible by offering assistance with down payments, closing costs, and mortgage buydowns.  How Does It Work? Through the pilot program, eligible homebuyers can receive up to $25,000 in down payment assistance. This funding is provided as a zero-percent interest, forgivable loan, meaning you won’t have to repay it as long as you remain in your home for at least five years.  To qualify for assistance, you must meet certain criteria: Income: Individuals with incomes up to 120% of the county's median income can qualify for the program. For homes within *Disproportionately Impacted Areas (DIA), there is no income limit.Disproportionately Impacted Areas refer to ZIP codes hit hardest by COVID-19 and meet at least one poverty-related criterion compared to other ZIP codes in the area. Homebuyer Status: Both first-time and repeat buyers in Cook County who meet the eligibility requirements can apply. All first-time homebuyers are required to complete an 8-hour homebuyer education course, either in-person or online before closing that is approved by Club 720, a financial company that has partnered with Cook County on this program. Credit Score: A minimum credit score of 640 is required to be eligible. Lender: The lender you are using must be approved to offer this program. If they are not, they may apply on Club 720’s website. Location: The property you intend to purchase must be located in Cook County.  Benefits of the Program Lower Upfront Costs: The primary benefit of this program is the significant reduction in the amount you need to save for a down payment. With up to $25,000 available, you can secure a home without depleting your savings. These funds can be applied towards your down payment, closing costs, or purchase points to lower your interest rate.  Increased Homeownership Opportunities: With down payment assistance, more individuals and families can transition from renting to owning, contributing to neighborhood stability and growth. How to Get Started Check Your Eligibility: Review the eligibility criteria to ensure you qualify. If you’re not sure, ask your lender. Choose a Participating Lender: Work with a lender approved by the program. They will guide you through the application process and help you determine the amount of assistance you may qualify for. If you’re already working with a lender, make sure they are approved to offer this program. If they are not, they may apply on Club 720’s website. Submit Your Application: Complete the application process through your lender, who will submit it to the Cook County Housing Authority for review. Find Your New Home: Once approved, you can start house hunting with Nayeli with confidence, knowing you have financial assistance backing you.   The Down Payment Assistance Pilot Program in Cook County is a game-changer for aspiring homeowners. By alleviating some of the financial burdens associated with purchasing a home, this program opens doors for many who thought homeownership was out of reach. If you’re considering buying your first home in Cook County or are ready to purchase again, take advantage of this opportunity and explore how this assistance can help you achieve your real estate goals.