Buying Cook County Home Just Got Easier With $25K Assistance

By Ressie Krabacher

As a local resident and top performing REALTOR® in Chicago, Ressie Krabacher is relentlessly focused on helping her clients move forward. She serves as an advocate and advisor for buying or selling, overseeing relocation, or adding home ownership to their financial goals.

Ever dreamt of owning a home in Cook County, but felt stuck because of the big down payment? It’s a common worry for homebuyers. But we have great news: a program is here to help, offering up to $25,000 in down payment assistance for eligible homebuyers.

This program is specifically designed to help potential homebuyers overcome that financial challenge. Here’s how it works:

It’s a “forgivable” loan. This is a big deal! It means you don’t have to pay back the $25,000 if you live in the home for five years. If you sell the property or change your home loan to a new one before those five years are up, you will need to repay the funds.

Credit score matters. A minimum credit score is important to qualify for the program. This helps ensure that applicant looks responsible in managing their mortgage.

Commit to your home. To retain the down payment assistance, you must live in the home for at least five years, which promotes long-term homeownership and community stability.

Restrictions on selling or refinancing. For the first five years, you’ll need to live in the home and keep your current mortgage. This encourages a lasting connection to your new property. If you sell or get a new home loan before those five years are up, the assistance would need to be repaid then.

While it presents a great opportunity to own a home, this program requires meeting specific rules and conditions. Your monthly payments may be slightly higher for the first five years. But, for the right homebuyer ready to commit, it truly offers a clear path to homeownership.

As a valuable and often-overlooked resource, we’re here to help clarify all the details. If you’re ready to explore your eligibility or have any questions about the current real estate market, don’t hesitate to contact us at (773) 965-4100 or email ressie@kw.com. We’re happy to assist you!