WHAT   IS   THE   PROGRAM?
The Cook County Homebuyer Assistance  Program is   an  interest-free five-year   forgivable   loan,   secured by  a   second silent   lien,   given to income-qualified  first-time  home buyers   to meet  down  payment  and closing   costs  for  the purchase  of a house  in participating  suburban areas   of   Cook County,   Illinois.
DO  YOU   QUALIFY?
The  home buyer/applicant   should be   a   first-time  home buyer  or the applicant and his/her  spouse must  not  have owned  a home  during the three  year period prior   to  purchasing  a home  with  the Homebuyer Assistance  Program assistance.   The home   buyer must  already been pre-approved  by a bank/lender.
The  applicant must have  attended and  completed a  housing counseling  course   from a HUD-approved   service agency.
The  applicants  income must  be 80%  or  less of  the median  income for the  area,   adjusted for  family size:
80%  Income  Limits   (effective  March 2009)
Number   of  Household  Members   -   Total Annual  Household  Income   Limit
1 -  $   42,200
2 -  $   48,250
3 -  $   55,250
4 -  $   60,300
5 -   $   65, 100
6 -   $   69,950
7 -   $   74,750
8 -   $   79, 600
WHAT  ARE   THE  LOAN   FEATURES?
Loan  amount  of   6%   of the  purchase price  or $10,000   (whichever is greater),   not to  exceed $14,999.00.
Zero  percent  interest.  No  monthly payments.  No  fees.
Property must  be   an owner-occupied,    single-family   residence (single-family house,   condominium or  townhouse) .
The   house must  be   the homeowner's  primary residence   for   five years.   After  five   years,   the   Homebuyer  Assistance   Program loan   is forgiven.
Loan   is  due on  sale or  if  owner moves   out before  the  five  year period  expires.
The  maximum appraised value   of the  property cannot  exceed $275,200.
The   home buyer  CANNOT receive  any cash  back.
The   Homebuyers Assistance   Program loan  can only be  used with  a 15-year   or   30-year   fixed ratê   mortgage.
1.The  program  is   only available in  the  following  Cook County communities   and  all unincorporated   areas:
North:
Deerfield*,   Glencoe,   Glenview,   Golf,   Kenilworth,   Lincolnwood,   Morton Grove,   Niles,   Northbrook,   Northfield,   Park Ridge,   Rosemont, Wilmette,   Winnetka
Northwest:
Barrington,   Barrington  Hills*,   Bartlett*,   Buffalo Grove*,   Elk Grove*,   Hanover   Park*,    Inverness,    Prospect  Heights,   Rolling Meadows, Roselle,   South  Barrington,   Streamwood,  Wheeling*
West:
Bedford  Park,   Bellwood,    Bensenville*,   Berkeley,   Berwyn,   Bridgeview, Broadview,   Brookfield,   Burbank,   Burr Ridge*,   Cicero,   Elmwood  Park, Forest  Park,   Forest View,   Franklin   Park,   Harwood Heights,   Hillside, Hinsdale*,   Hodgkins,   Indian Head   Park,   Justice,   LaGrange,   LaGrange Park,   Lyons,   Maywood,   McCook,  Melrose  Park,   Norridge,   North Riverside,   Northlake,   River Grove,   Riverside,    River  Forest,   Schiller Park,   Stickney,   Stone   Park,   Summit,   Westchester,  Western  Springs, Willow Springs
Southwest:
Alsip,   Chicago   Ridge,   Countryside,   Evergreen   Park,   Hickory Hills, Hometown,   Lemont*,   Merrionette  Park,   Orland  Hills,   Orland  Park, Palos  Heights,    Palos Hills,   Palos   Park,   Worth
South:
Blue   Island,   Burnham,   Calumet City,   Calumet   Park,   Chicago  Heights, Country Club  Hills,   Crestwood,   Dixmoor,   Dolton,   East  Hazel  Crest, Flossmoor,   Ford  Heights,   Glenwood,   Harvey,   Hazel Crest,   Homewood, Lansing,   Lynwood,   Markham,   Matteson*,   Midlothian,   Oak   Forest, Olympia  Fields,   Park Forest*,   Phoenix,   Posen,    Richton  Park, Riverdale,   Robbins,   Sauk  Village,   South Chicago Heights,   South Holland,   Steger*,   Thornton
*   Cook County  portion  only.