First-Time Home Buyer Program (FTHB)
How it Works: The First-Time Homebuyer Program (FTHB) provides buyers with $5,000 ($8,000 for North Chicago buyers) in purchase assistance to use toward downpayment, closing cost and interest buydown. The assistance is a 0%-interest loan with no payments due until you sell the home, transfer title or get a cash out refinance.
Benefits of FTHB
- Receive up to $8,000 in purchase assistance
- Only requires $1,000 out of pocket
- Less than perfect credit is acceptable
- Slightly lowers monthly payment
- Can be used with a variety of mortgage products
Out of Pocket Costs: Only $1,000 total, including downpayment and all other fees.
Allowable Mortgages & Flexible Underwriting: Borrowers must qualify for financing with an AHC participating lender. Fixed rate, adjustable rate, FHA, VA and conventional loans allowed. Less than perfect credit is acceptable.
First-Time Homebuyers: You must be a first-time homebuyer. This requirement is WAIVED if the buyer has not owned a home in the last 3 years, is a custodial single parent, or a displaced homemaker.
Income Eligibility:
| Family Size | 1 | 2 | 3 | 4 | 5 | 6 | 7 | 8 |
| $42,200 | $48,250 | $54,250 | $60,300 | $65,100 | $69,950 | $74,750 | $79,600 | |
| Above effective as of 2/2008. Guidelines are determined by HUD and are adjusted annually. | ||||||||
Property Eligibility: Eligible properties include single family units (including condos and townhomes) owner-occupied properties in Lake County, IL that do not exceed $275,200 in cost. A home inspection must be completed by a home inspector licensed in Illinois or Wisconsin. Any code violations, safety hazards, or major structural issues must be addressed prior to closing.
Education & Counseling: Buyers must complete a HUD-certified homebuyer education class, such as those offered by AHC. Click here for an updated class schedule.
Owner-Occupancy: You must owner-occupy the property for the life of the loan. AHC programs are not available for investors or landlords.