The CCLBA would like to announce the details of the Equity Fund. CLICK HERE to view the general parameters on CCLBA’s new Purchase Assistance Program.
All documents must be submitted to be eligible for purchase assistance.
- Purchaser Assistance Program Checklist (CLICK HERE FOR PDF)
- Completed Initial Application (CLICK HERE FOR PDF)
- Notarized Occupancy Affidavit (CLICK HERE FOR PDF)
- Buyer Signed Recapture Agreement (CLICK HERE FOR PDF)
- Fully Executed Contract by Buyer and Seller
Email complete package to firstname.lastname@example.org. It can take up to three weeks to process and award letter.
The following entails a list of questions and answers you may have regarding the Purchase Assistance Program. The CCLBA strongly encourages you to view these questions in order to understand all aspects of the program before applying for a specific property.
Q: ⇒ How do I purchase a home from the Cook County Land Bank Authority (CCLBA)?
For exclusive properties, please visit a participating HUD Certified Counselor. In addition, visit our website (www.cookcountylandbank.org). Properties will be awarded to mortgage ready buyers on a first come first serve basis.
Q: ⇒ How much is the purchase assistance?
6% of the purchase price, not to exceed $20,000, may be applied towards downpayment, closing costs, and costs related to the transaction paid outside of closing i.e., appraisal, insurance, inspection fee. Follow Lender Requirements
Layering of other grants or purchase assistance is allowable.
Land Bank grant funds are available on a first come first serve basis. Buyers should be mortgage ready.
Q: ⇒ Do I need to be pre-approved by a lender?
If you are financing the purchase then yes, your offer should be accompanied by a pre-approval letter from your lender. If you are paying cash, please provide proof of funds (i.e., bank statement dated within the most recent 30-60 period.)
Q: ⇒ Are there income restrictions under your program?
The Land Bank does not impose any income restrictions on buyers. Follow your lender’s requirements.
Q: ⇒ What are your down payment requirements?
A Borrower must contribute the lesser of $1,000 or 1% of the home purchase price (such amount may not be gifted) towards the costs of closing and down payment. The minimum contribution required may be in the form of earnest money, cash at closing or costs related to the transaction paid outside of closing. Follow your lender’s requirements.
Q: ⇒ Do I need to occupy the property?
Yes, this program is exclusive to buyers purchasing as their Primary Residence, Owner-Occupied and required to occupy for three years. The buyer will execute a recapture agreement at closing in the amount of the grant.
Q: ⇒ Do I need to meet a minimum credit score?
There is no Minimum Credit Score. Follow your lender’s requirements.
Q: ⇒ How does the CCLBA decide when there are multiple offers for the same property?
Properties will be awarded to mortgage ready buyers on a first come first serve basis.
Q: ⇒ What if the home does not appraise for the offer amount?
The Land Bank prices the home below the market value using comparable sales information from the Multiple Listing Service. In the unlikely event that the home appraises for less than the offer price, the Land Bank will review the appraisal and consider an adjustment to the purchase price if warranted.
Q: ⇒ How long do I have to get loan approval?
Applicants should be mortgage ready and have a pre-approval letter at the time of application.
Q: ⇒ Are there any down payment assistance programs I can use?
Yes, check with the following for down payment assistance programs:
Your lender may offer assistance;
City of Chicago;
Illinois Housing Development Authority (IHDA)
Q: ⇒ How quickly may I close?
Depending upon the source of funds, cash buyers typically are ready to close within 30 days. If you are working with a lender, a lender’s average closing time is 45-60 days. Please check with your lender.
Q: ⇒ Do I need an Attorney?
Buyers are encouraged to seek representation. CCLBA and its attorney cannot provide legal advice to the buyer.
Q: ⇒ Do I need to attend a homebuyer counseling?
For Land Bank exclusive properties, yes and please work with participating Homebuyer Counseling Agencies.
Q: ⇒ Does the Land Bank CCLBA lend money?
The Land Bank does not lend money. Buyers seeking financing may select any lender they choose.
Q: ⇒ What are my options for paying for the home?
Homes may be purchased via Financing or Cash.
Q: ⇒ Do you offer rent to own?
No, CCLBA does not offer rent to own.
Q: ⇒ What type of loan is acceptable for the purchase of the home?
Buyers should work with their lenders to determine the best loan product/terms for their financial situation.
Q: ⇒ Will the CCLBA conduct repairs requested by my lender?
The properties are being sold “As Is”. Buyers may want to pursue a Purchase-Rehab loan such as an FHA 203K loan to purchase the property and have funds to update the property.
Q: ⇒ Is there an expectation for the level / quality or cost of rehab completed?
The only expectation is that rehab complies with all local, county, and state building codes and ordinances.
Q: ⇒ Do you help qualify contractors?
The Land Bank does not qualify contractors. Some Housing Counselors may have a vetted list of contractors.
Q: ⇒ May we live in the home while we’re in the process of rehabbing?
Occupancy prior to the completion of rehab depends on safety, soundness, and structural integrity. Buyers are encouraged to reach out to the local municipality and inquire about occupancy requirements.
Q: ⇒ Do you provide an inspection report?
Inspections are the responsibility of the buyer.
Q: ⇒ Will I be allowed to hire my own inspector(s)?