See programs you qualify for
Get Matched Free →By Tyler Thompson · Licensed Real Estate Agent · Updated April 15, 2026
Homebuyer Programs in Oak Park, IL (2026)
Oak Park is a walkable inner-ring Cook County suburb immediately west of Chicago, with a median home price of approximately $380,000. Oak Park is one of only five communities eligible for the West Cook Advantage Program, which provides $10,000 in down payment assistance as a 5-year forgivable loan on fully rehabbed homes. The Village of Oak Park partners with West Cook Homeownership Center to provide HUD-approved counseling and first-time homebuyer seminars at Village Hall. Eligible first-time buyers can also combine Illinois state programs, including IHDAccess Home with up to $15,000 and IHDA Access Forgivable with up to $6,000, with federal FHA and VA loans. The Cook County Down Payment Assistance Program (up to $25,000) is currently closed. Stacking West Cook Advantage with IHDA state assistance and a low-down-payment federal loan can substantially reduce the cash needed to buy in Oak Park.
County Programs in Cook County
| Program Name | Type | Amount | First-Time Only | Details |
|---|---|---|---|---|
| Cook County Down Payment Assistance Program | Forgivable Loan | — | No | View → |
- Type:
- Forgivable Loan
- First-time only:
- No
State Programs in Illinois
| Program Name | Type | Amount | First-Time Only | Details |
|---|---|---|---|---|
| FHLBank Chicago Downpayment Plus (DPP) | Grant | Up to $10,000 forgivable grant (lesser of $10,000 or 25% of the first mortgage amount) | No | View → |
| IHDA Access Deferred | Deferred Loan | — | Yes | View → |
| IHDA Access Forgivable | Forgivable Loan | — | Yes | View → |
| IHDA Access Repayable | Zero-Interest Loan | — | Yes | View → |
| IHDA Mortgage Credit Certificate (MCC) | Tax Credit | — | Yes | View → |
| IHDA SmartBuy | Forgivable Loan | — | Yes | View → |
| IHDAccess Home | Deferred Loan | — | Yes | View → |
| Opening Doors / Abriendo Puertas | Forgivable Loan | — | Yes | View → |
- Type:
- Grant
- Amount:
- Up to $10,000 forgivable grant (lesser of $10,000 or 25% of the first mortgage amount)
- First-time only:
- No
- Type:
- Deferred Loan
- First-time only:
- Yes
- Type:
- Forgivable Loan
- First-time only:
- Yes
- Type:
- Zero-Interest Loan
- First-time only:
- Yes
- Type:
- Tax Credit
- First-time only:
- Yes
- Type:
- Forgivable Loan
- First-time only:
- Yes
- Type:
- Deferred Loan
- First-time only:
- Yes
- Type:
- Forgivable Loan
- First-time only:
- Yes
Federal Programs
| Program Name | Type | Amount | First-Time Only | Details |
|---|---|---|---|---|
| FHA Loans | Government-Insured Mortgage | Up to FHA county loan limits ($541,287 floor to $1,249,125 ceiling for single-family in 2026) | No | View → |
| Good Neighbor Next Door (HUD) | Government Property Sale Program | 50% discount off the list price of HUD-owned homes | Yes | View → |
| Home Possible Mortgage (Freddie Mac) | Government-Guaranteed Mortgage | Up to conforming loan limits ($832,750 standard / $1,249,125 high-cost in 2026); 3% minimum down payment | No | View → |
| HomeReady Mortgage (Fannie Mae) | Government-Guaranteed Mortgage | Up to conforming loan limits ($832,750 standard / $1,249,125 high-cost in 2026); 3% minimum down payment | No | View → |
| HUD $100 Down Program | FHA-Financed HUD REO Purchase | Only $100 down payment required (vs. standard 3.5% FHA down payment). HUD may also pay up to 3% of buyer's closing costs. | No | View → |
| USDA Rural Development Loans | Government-Guaranteed Mortgage | 100% financing (no down payment required); loan amount up to appraised value | No | View → |
| VA Loans | Government-Guaranteed Mortgage | No loan limit for veterans with full entitlement (0% down at any price); partial entitlement subject to conforming limits ($832,750 standard in 2026) | No | View → |
- Type:
- Government-Insured Mortgage
- Amount:
- Up to FHA county loan limits ($541,287 floor to $1,249,125 ceiling for single-family in 2026)
- First-time only:
- No
- Type:
- Government Property Sale Program
- Amount:
- 50% discount off the list price of HUD-owned homes
- First-time only:
- Yes
- Type:
- Government-Guaranteed Mortgage
- Amount:
- Up to conforming loan limits ($832,750 standard / $1,249,125 high-cost in 2026); 3% minimum down payment
- First-time only:
- No
- Type:
- Government-Guaranteed Mortgage
- Amount:
- Up to conforming loan limits ($832,750 standard / $1,249,125 high-cost in 2026); 3% minimum down payment
- First-time only:
- No
- Type:
- FHA-Financed HUD REO Purchase
- Amount:
- Only $100 down payment required (vs. standard 3.5% FHA down payment). HUD may also pay up to 3% of buyer's closing costs.
- First-time only:
- No
- Type:
- Government-Guaranteed Mortgage
- Amount:
- 100% financing (no down payment required); loan amount up to appraised value
- First-time only:
- No
- Type:
- Government-Guaranteed Mortgage
- Amount:
- No loan limit for veterans with full entitlement (0% down at any price); partial entitlement subject to conforming limits ($832,750 standard in 2026)
- First-time only:
- No
Nonprofit Programs
| Program Name | Type | Amount | First-Time Only | Details |
|---|---|---|---|---|
| Habitat for Humanity Chicago | Zero-Interest Loan | Below-market home with 0% interest mortgage | Yes | View → |
| West Cook Advantage Program | Forgivable Loan | $10,000 | No | View → |
- Type:
- Zero-Interest Loan
- Amount:
- Below-market home with 0% interest mortgage
- First-time only:
- Yes
- Type:
- Forgivable Loan
- Amount:
- $10,000
- First-time only:
- No
How to Apply
Step 1: Check your eligibility. For West Cook Advantage, buyers must be moderate-income, contribute at least $1,000 of their own funds, and qualify for a 30-year fixed conventional, FHA, or VA mortgage. For IHDAccess Home, Cook County first-time buyers can earn up to approximately $137,885 depending on household size.
Step 2: Contact the West Cook Homeownership Center at 708-771-5801 or 773-887-5187 to begin the process and attend a first-time homebuyer seminar held the fourth Tuesday of each month at Village Hall, 123 Madison St.
Step 3: Complete HUD-approved homebuyer education through West Cook Homeownership Center.
Step 4: Get pre-approved with a participating lender. IHDA lenders are listed at ihdamortgage.org.
Step 5: Find a home within program requirements. West Cook Advantage is limited to fully rehabbed homes offered through the program in Oak Park, Bellwood, Berwyn, Forest Park, and Maywood.
Step 6: Submit your application and close. Closing typically occurs 30-45 days after contract.
Frequently Asked Questions
How much down payment assistance can I get in Oak Park?+−
Do I have to be a first-time homebuyer?+−
What is the maximum home price?+−
What homebuyer education is required?+−
How does the West Cook Advantage Program work?+−
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