Cook County

Market Rate Down Payment Assistance Program

Program Summary
Program Description: Program targeted towards low to moderate income homebuyers. The
Program provides up to 3% of the purchase price as down payment assistance, as a nonrepayable Grant, for USDA, Fannie Mae and Freddie Mac 30-year fixed mortgage loans only.
Additional assistance for closing costs and prepaid expenses may also be available from the
designed Servicer and is subject to market conditions.
Role of Cook County: Cook County will act at the required Government Sponsor for the program,
and will assist in marketing the program and future success of the program by working with local
housing counseling agencies and local lenders. Cook County will receive a fee of .875% per
transaction.
Eligible Area: The Program is available for purchased or refinanced properties located throughout
Cook County. The City of Chicago has recently announced a similar program, so our intent is to
focus in suburban Cook County.
Key Features:
USDA; Fannie Mae My Community Mortgage (MCM) and Freddie Mac Home Possible (HP)
up to 97% LTV. There is no first-time homebuyer requirement.
Purchases and rate term refinancings. Cash out refinancings are not permitted.
There are no price adjustments, delivery fees or adverse market fees charged to the
borrower.
The Grant is not repayable.
Lenders are asked to advance the 3% Grant on behalf of the County at the loan closing, to be
reimbursed once the loans are purchased and funded by 360 Mortgage. Any closing cost
assistance offered by 360 Mortgage will also be advanced by the Lender.
On-line access, easy to use, simplified program documentation. Loans files are submitted to
and purchased electronically by 360 Mortgage.
No federal recapture, no notarized affidavits, no acquisition cost worksheets.
Borrower Eligibility
Primary residence, owner occupied. Borrower may not own any rental property.
Qualifying income of up to 140% of the area median income regardless of family size for
qualified homebuyers. Household income does not apply.
Minimum credit score of 600 for USDA Borrowers; for Fannie Mae and Freddie Mac loans,
660 minimum credit score but subject to DU, LP and Mortgage Insurer approval and
guidelines.
Borrowers Debt to Income (DTI) ratios not to exceed those permitted by FHA, VA, USDA,
Fannie Maes DU, Freddie Macs LP and the Mortgage Insurers.
Minimum 0.50% of the home purchase price from the Borrowers own resources or such
higher amount as required by DU, LP or the Mortgage Insurers.

Market Rate Mortgage Assistance Program

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Cook County
Market Rate Down-Payment Assistance Program
Master Servicer: All Mortgage Loans must be sold to, and will be serviced by 360 Mortgage
Group (360 Mortgage), an FHA, HUD, Fannie Mae and Freddie Mac approved seller/seller
based in Austin, Texas. Lenders must sign a Correspondent Lender Agreement and be in
good standing with 360 Mortgage.
Program Loan Rates: 360 Mortgage Group will provide Lenders with a daily mortgage loan
rate sheet from which rates to the Lenders may be locked in for up to 70 days. Rates will be
reset daily, are subject to market conditions. Eligible amounts of Grants and closing cost
assistance will be posted on line and available for securing at the time Loans are locked.
Loans and associated Grant amounts are reserved on-line directly with 360 Mortgage.
Underwriting: Standard FHA/VA/USDA underwriting guidelines, 600 minimum credit score,
and qualifying ratios (DTI) ratios permitted under FHA, VA and USDA guidelines. Fannie Maes
MCM and Freddie Macs HP loans are subject to a DU or LP and Mortgage Insurer approval.
Homebuyer Education: Required for all first-time homebuyers. Borrowers can choose a local
homebuyer education course from a local HUD or Fannie Mae approved organization or they
can visit the eHome America webpage at www.ehomeamerica.org to receive instructions on
how to sign up for its on-line homebuyer education course and to achieve the required
Homebuyers Education Certificate.
Lender Compensation: Lenders may charge an Origination Fee or Discount of up to 1% to
the Borrower at the loan closing and will be paid 1.5% of the final Mortgage Loan amount upon
purchase by 360 Mortgage.
Mortgage Credit Certificates: MCCs may be used concurrently with these Mortgage Loans
and the Grant, but MCC program restrictions apply.
Scheduling: In order to be approved, Lenders must be approved by 360 Mortgage as the
designated Servicer, and Lenders must sign three (3) copies of a Program Lender Agreement
and mail the three original signature pages to the Countys representative.
There is no Lender up-front sign-up fee associated with this Program. After receipt of the
signed Program Lender Agreements, the Lenders name and information will be provided to
360 Mortgage Group who will conduct its own due diligence. Once completed, if Lender is
approved, then (a) Lender and 360 Mortgage Group will execute 360 Mortgage Groups
Correspondent Lender Agreements (and any other required documentation) and (b) 360
Mortgage Group and Sponsor will countersign the Program Lender Agreement previously
submitted by Lender and return. Once these Agreements are signed, Lenders may arrange for
training with 360 Mortgage Group.

Market Rate Mortgage Assistance Program

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