Special offer

Cook County Downpayment Assistance - ADDI

By
Real Estate Agent

DOWNPAYMENT ASSISTANCE FOR FIRST TIME HOME BUYERS

(updated 3/18/17) This is a notification that Cook County is accepting ADDI,Cook County Downpayment Assistance,qualified applications to the ADDI Program for first-time home buyers. Funding for the program is limited and will be awarded until the funds are depleted. Please note that the program guidelines (below) are subject to change.

WHAT IS THE PROGRAM?

The Cook County American Dream Down Payment Initiative (ADDI) is an interest-free five-year forgivable loan, secured by a second silent lien, given to income-qualified first-time homebuyers to meet down payment and closing costs for the purchase of a house in participating suburban areas of Cook County, Illinois.

DO YOU QUALIFY?

(1) The homebuyer/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 American Dream Down Payment Initiative (ADDI) assistance.

(2) The applicant must have attended and completed a housing counseling course from a HUD-approved service agency. You can check the HUD website link for HUD-approved agencies who may offer the course. 
 
(3) The applicant's income must be 80% or less of the median income for the area, adjusted for family size:  Income Limits (effective March 2009)

Number of Household Members -- Total Annual Household Income Limit
1 -- $ 42,200               5 -- $ 65,100
2 -- $ 48,250               6 -- $ 69,950
3 -- $ 55,250               7 -- $ 74,750
4 -- $ 60,300               8 -- $ 79,600
 
HOW DOES THE PROGRAM WORK?

The Down Payment Assistance program awards a five-year forgivable second mortgage for down payment and closing costs. This loan is offered to conventional lenders, as well as to Fannie Mae, FHA and non-conforming conventional lenders.
 
WHAT ARE THE LOAN FEATURES?

1. Loan amount of 6% of the purchase price or $10,000 (whichever is greater), not to exceed $14,999.00.
2. Zero percent interest. No monthly payments. No fees.
3. Property must be an owner-occupied, single-family residence (single-family house, condominium or townhouse).
4. The house must be the homeowner's primary residence for five years.  After five years, the ADDI loan is forgiven.
5. Loan is due on sale or if owner moves out before the five year period expires.
6. The maximum appraised value of an ADDI-assisted property cannot exceed $275,200.
7. The home buyer CANNOT receive any cash back.

                               

Lyn Sims

 

Sellers Disclosure

  Lyn Sims (847)230-7324
       at RE/MAX Suburban

 

 

I proudly serve and sell real estate in the Northwest Suburbs of Chicago.  If you are thinking about purchasing or selling your home in the communities of Schaumburg, Hoffman Estates, Elk Grove Village, Roselle, Palatine, Medinah, Itasca, Bloomingdale, Carol Stream, Bartlett, Hanover Park, Streamwood, Elgin, South Elgin, St. Charles and more importantly, want to work with a local area expert, contact me immediately.

 

Disclaimer:  All data and information provided on this blog is for informational purposes only.  Lyn Sims makes no representations as to accuracy, completeness, correctness, suitability or validity of any information on this site and will not be liable for any errors, omissions, or delays in information or any losses, injuries, or damages arising from it’s display or use.


 

ADDI - American Dream Downpayment Iniative  -  ©2009 Lyn Sims - RealEstateConsumerInfo.com and RealEstateBuyMe.com

Posted by

 

  Lyn Sims    Schaumburg IL Area    Northwest Chicago Suburbs  ●  (847)962-7104
 
 
©2007-2022 

Comments (3)

William Feela
WHISPERING PINES REALTY - North Branch, MN
Realtor, Whispering Pines Realty 651-674-5999 No.

Lyn..I just learned of a town near me that has just started a program like this.

Aug 21, 2009 04:31 PM
Lyn Sims
Schaumburg, IL
Real Estate Broker Retired

Bill:  Hope you do!  I think that every agent should check with their particular towns and counties.  Alot of communities are doing great things for buyers.

Aug 22, 2009 08:01 AM
Dave Halpern
Dave Halpern Real Estate Agent, Inc., Louisville, KY (502) 664-7827 - Louisville, KY
Louisville Short Sale Expert

Great post! Someone with a good job and good credit can use any of multitude of different loan programs that don't require a large downpayment.

Jul 15, 2017 06:23 AM