As of October 9, 2026, Cook County’s down payment assistance program is still open, but funding is limited. It offers 5% of the first mortgage amount, up to $25,000, as a loan forgiven after five years. One of its two lenders has committed its full share, so remaining funds run through Wintrust Mortgage only.
Last reviewed October 9, 2026 · Chicago First Time Home Buyer editorial team
At a glance: Cook County Down Payment Assistance, Phase III
| Item | Details |
|---|---|
| Status (Oct. 9, 2026) | Open with limited availability, through Wintrust Mortgage only |
| Land Home allocation | Fully committed |
| Phase III opened | July 20, 2026 |
| Phase III budget | $2 million, aimed at helping more than 100 buyers |
| Amount | 5% of the final first mortgage amount, capped at $25,000 |
| Uses | Down payment, closing costs, a permanent rate buydown, or a mix |
| Structure | Second loan with no monthly payments, forgiven after five years if you still live there |
| Income limit | 120% of area median income ($145,800 for a family of four); no limit in targeted areas |
| Property | 1–4 unit home in Cook County that you will live in |
| First-time buyer required? | No; repeat buyers can apply |
| Education | HUD-approved course if you have not owned a home in the past three years |
What changed since the July reopening
Cook County reopened the program on July 20 with $2 million, far less than the $8.6 million in its second phase. The county said it hoped to reach more than 100 buyers this round.
Club 720, the program’s administrator, now lists availability as limited. The share run through Land Home Financial Services is fully committed. Wintrust Mortgage is the only remaining lender channel.
Money is not set aside for you until a reservation is confirmed. A Wintrust loan officer checks whether county funds remain after your application and eligibility review.
What it means for a Chicago buyer this fall
The county describes the program as open to buyers throughout Cook County, and Chicago is in Cook County. Still, confirm your specific address with the lender before you count on it.
Because funding is limited, have a backup plan. Chicago’s HomeGrown grants and IHDA’s IHDAccess Home are the two largest programs. Our HomeGrown vs. IHDAccess Home comparison and the full list of Chicago assistance programs explain how they work.
The education course must be done before closing. See where to take homebuyer education in Chicago. FHA, VA and Freddie Mac loan limits also apply; the 2026 figures are on our Cook County loan limits page.
One detail differs between sources. The county’s June announcement listed a 620 minimum credit score. Club 720’s current program page lists 600. Ask your loan officer which applies to your file.
Common questions
Do I have to repay Cook County down payment assistance?
Not if you keep the home as your main residence for five years; the loan is then forgiven. If you sell or refinance before five years, the full balance is due.
Is there an income limit if I buy in certain Chicago neighborhoods?
Buyers in Disproportionately Impacted Areas or Qualified Census Tracts face no income limit. Club 720 points buyers to an Illinois workNet map to check these areas.
How do I apply now?
Sign in to Club 720, choose the Cook County program and request a connection to Wintrust Mortgage. Wintrust then reviews your mortgage application and checks whether funds remain.