West Cook Advantage Program (WCA)

What is West Cook Advantage Program (WCA)?

West Cook Advantage Program (WCA) is a forgivable loan for homebuyers in Oak Park, Illinois.

• The West Cook Advantage Program (WCA) is administered by the West Cook Homeownership Center (WCHC), a program of the Oak Park Regional Housing Center (OPRHC). WCA pairs the purchase of fully-rehabbed homes in five western Cook County suburbs (Bellwood, Berwyn, Forest Park, Maywood, Oak Park) with up to $10,000 in forgivable down payment assistance. The DPA is recorded as a 5-year, 0% interest forgivable second mortgage with monthly forgiveness; buyers must be at or below 120% AMI, qualify for a 30-year fixed Conventional/FHA/VA mortgage, and complete WCHC homebuyer education.
• Up to $10,000 in down payment assistance (combination of forgivable loan and grant funds) for moderate-income buyers purchasing fully-rehabbed homes in five west-suburban Cook County communities: Bellwood, Berwyn, Forest Park, Maywood, and Oak Park. Structured as a 0% interest forgivable second mortgage recorded at closing and forgiven monthly over 5 years (1/60th per month). Buyer pays nothing on the assistance as long as they live in the home as primary residence.
• sale, refinance, or non-occupancy before the 5-year term ends triggers a prorated payback of the unforgiven balance.
• Funding comes from Nonprofit, Local, Federal, and CDBG.

Do you have to pay it back?

West Cook Advantage Program (WCA) is forgiven after 5 years, so a buyer who stays that long does not repay it.

• Repayment is triggered by Forgiven 1/60th per month over 5 years and prorated unforgiven balance due if home is sold, refinanced with cash-out, transferred, or no longer borrower's primary residence before 5-year term ends.
• The assistance is recorded in 2nd Lien position.
• Forgiveness and repayment terms are set by the program and can change — confirm them on the official program page before applying.

Who qualifies?

West Cook Advantage Program (WCA) is open to buyers who will live in the home as their primary residence.

What are the income limits?

West Cook Advantage Program (WCA) limits household income to 120% of the area median income, which varies by county and household size.

• Household income at or below 120% of Chicago-Naperville-Elgin MSA AMI; seed range $42,600-$120,480 reflects 50%-120% AMI by household size.
• The limit applies to total household income, not only the borrower’s.
• Area median income figures are published by HUD and updated annually, so check the current table for the county before relying on a number.

What kind of home can it be used for?

West Cook Advantage Program (WCA) caps the purchase price as follows: Per WCA-rehabbed home sale price (set per individual rehab project); first-mortgage product limits also apply.

• Eligible property types include Fully-rehabbed single-family home, 1-4 unit, condominium, or townhouse participating in WCA rehab program in eligible communities.
• New construction is not eligible.
• Manufactured homes are not eligible.

Where does it apply?

West Cook Advantage Program (WCA) serves buyers purchasing in Oak Park, Illinois.

• The program targets specific areas: Eligible properties limited to fully-rehabbed homes in five west-suburban Cook County communities: Bellwood, Berwyn, Forest Park, Maywood, and Oak Park.

How do you apply?

Applications for West Cook Advantage Program (WCA) go through the administering agency, which publishes the current terms and the application steps on its own site.

1. 1

   Take a homebuyer education course

   Required by the program, through West Cook Homeownership Center HUD-approved homebuyer education class and one-on-one housing counseling (required prior to WCA closing)..

2. 2

   Contact the administering agency to reserve funds

   Funds are reserved through Application directly with West Cook Homeownership Center after completion of homebuyer education and counseling; subject to WCA program funding availability and rehabbed-home inventory, and are subject to availability.

3. 3

   Work with a lender who handles the program

   Hey Prescott is not a lender and does not accept applications; this page describes the program so a buyer can take it to a lender or housing counselor.