Cook county homebuyers program

Buyers must live in the home for at least six years. Borrowers are subject to income limits as well as home price limits and must complete a housing counseling class. The loans aren't limited to first-time home buyers, but income limits apply. Homes must be owner-occupied; mobile homes don't qualify. Five-year, forgivable loans for a down payment and closing costs are available on a first-time, first-served basis.

The program is limited to low- to moderate-income households. If one or more of these programs look like they're right for you, contact the program administrator to get the complete story on eligibility requirements, any income and purchase price limits, and whether there are preferred lenders.

The administrator can tell you how to satisfy any home buyer education or counseling requirements. These agencies and nonprofits exist to serve you, so ask as many questions as you need to. More from NerdWallet. How much house can you afford? Compare Illinois mortgage rates. See all first-time home buyer programs by state.

What is a first-time home buyer grant? Have a low to moderate income. Buy within purchase price limits. First-time home buyer grants available across Illinois. IHDAccess Forgivable. With this in mind, the CCLBA is looking to offer properties throughout Cook County to prospective owner-occupants at below-market prices.

All properties eligible for the program are listed below, and will be updated on a daily basis going forward. The following entails a list of questions and answers you may have regarding the Homebuyer Direct Program.

The CCLBA strongly encourages you to view these questions in order to understand all aspects of the program before applying for a specific property. Please click the link found below, or click here for a downloadable PDF. Please click the respective link below to browse all properties eligible for the Homebuyer Direct Program as well as view instructions on how to apply for CCLBA homes. Homebuyer Direct Program.

Available properties may be viewed on our website www. You will be asked to create an account, and then complete a short application. CCLBA will make arrangements for you to inspect the property. CCLBA will contact you to let you know the status of your offer. If you are financing the purchase then yes, your offer should be accompanied by a pre-approval letter from your lender.

Specifically, IHDA offers three programs to both first-time and repeat homebuyers throughout Illinois. For all three programs, you must have a credit score of at least , and you must meet certain income and purchase price limits that differ based on your location and household size. Additionally, with this program, buyers must make the house their main residence for at least 10 years or the house must be sold to an income-qualified buyer. The City and Neighborhood Housing Services NHS provides deferred, forgivable, first and second mortgage loans through the Neighborhood Lending Program for purchasing or purchasing and rehabbing one- to four-unit buildings.

An official website of the City of Chicago Here's how you know. The site is secure. Housing Chicago's Department of Housing DOH expands access and choice for residents and protects their right to quality homes that are affordable, safe, and healthy. DOH Home. Contact us Housing. Home Departments Housing For Homebuyers.

For Homebuyers. For more information, contact Affordable Homeownership Opportunities Affordable homeownership opportunities are created through various programs and listed on this page as they become available.