Down Payment Assistance

Hand drawing the words, "we can help."

The West Cook Homeownership Center can now provide financial assistance in the form of grants and forgivable loans through the West Cook Advantage Program, Cook County HOME funds, the Summit Townhouse DR Project, and other forms of down payment and closing costs assistance from IHDA and our lending partners.

West Cook Advantage Program (WCA)

Our West Cook Advantage program provides moderate-income buyers with generous down payment assistance on fully rehabbed homes in the suburban communities of Bellwood, Berwyn, Forest Park, Maywood, and Oak Park. All clients must submit income documents to be reviewed by one of our counselors for approval of the program. All of our buyers are required to have a minimum of $1000 of their own funds and qualify for a 30-year fixed conventional, FHA or VA mortgage. WCA provides $10K in down payment assistance in the form of a forgivable loan. This second mortgage will be recorded at closing and forgiven over five years. Buyers pay nothing on this loan as long as they live in the home. Maximum household incomes must be at or below 120% of AMI (Area Median Income). Some homes are restricted to households at or below 80% of AMI.

Down Payment Assistance Grants

We partner with our preferred lenders and the Illinois Housing Development Authority (IHDA) to qualify buyers for all of their mortgage products and down payment assistance. Other down payment programs available to our clients include Federal Home Loan Bank and various employer-assisted housing programs.

Additional incentives, grants, and loans are available on their own or as additional layers of support, including from IHDA and our banking partners.

For more information, please contact us at 773-887-5187 or 708-771-5801.

The West Cook Homeownership Center is a program of the  Oak Park Regional Housing Center.