Affordable Plus Mortgage & First-Time Homebuyer Program Funds Now Available for All of Lake County
Date: October 1, 2008
Good news! The Affordable Plus Mortgage and First-Time Homebuyer Program currently have funding available for homebuyers purchasing throughout Lake County. While we anticipate these funds will last through the autumn months, be aware that resources are limited and program demand is heavy. Because of this, we encourage you to contact us.
Affordable Plus Mortgage
IHDA funding for the APM has now been officially approved, and we anticipate being able to offer our regular program with its usual purchase assistance amounts around January 1. In the meantime, we are offering a modified version of the APM for all qualified Lake County buyers using the purchase assistance amounts detailed in the below chart.
|
Purchase Price |
$150,000+ |
$100,000 to $149,999 |
$75,000 to $99,999 |
|
Total Purchase Assistance |
$40,000 |
$30,000 |
$20,000 |
|
0%-Interest Deferred |
$5,000 |
$5,000 |
$5,000 |
|
Amortized at 4% Interest |
$35,000 |
$25,000 |
$15,000 |
|
Minimum Downpayment Required |
$1,500 |
$1,000 |
$1,000 |
First-Time Homebuyer Program
The First-Time Homebuyer Program is now available throughout Lake County as follows.
Waukegan: $5,000 in assistance for households below 80% MFI.
North Chicago: $8,000 in assistance for households below 80% MFI.
Lake County: $5,000 in assistance for households below 100% MFI.