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| About AHC | Home Purchase | Home Improvement | Foreclosure Prevention | Partnerships | Public Advocacy |
nonprofit agency
dedicated to increasing
and preserving
affordable housing
opportunities in
Lake County Illinois
Affordable Plus Mortgage (APM)
How it WorksThe APM provides qualified homebuyers with $20,000 to $50,000 in purchase assistance to use toward the purchase price of a home. The purchase assistance received depends on the property purchase price, the borrower’s individual circumstances, and the availability of funds. The purchase assistance will include two loans:
- A loan of up to $15,000 that is a 0%-interest deferred loan with no payments due until the borrower sells the home, transfers title or get a cash-out refinance.
- A loan of up to $35,000 that is 30-year fixed rate loan at a guaranteed interest rate of 4%.
| Purchase Price | $150,000+ | $100,000 to $149,999 |
$75,000 to $99,999 |
< $75,000 |
| Total Purchase Assistance | $50,000 | $35,000 | $19,000 | $7,500 |
| 0%-Interest Deferred | $15,000 | $10,000 | $4,000 | $4,000 |
| Amortized at 4% Interest | $35,000 | $25,000 | $15,000 | $3,500 |
| Minimum Downpayment Required | $1,500 | $1,000 | $1,000 | $1,000 |
Affordability Savings
By reducing interest charges and mortgage insurance, the APM significantly lowers your monthly payment. On a $125,000 property, the APM lowers your monthly payments by about $200. In general, the APM increases your purchasing power by about 20%.
Out of Pocket Costs
Total out of pocket costs will be around $2,500, including downpayment.
Mortgages & Financing Terms
First mortgage must be a fixed rate loan. Borrowers must qualify for financing terms with an AHC participating lender. Conventional, FHA, VA, IHDA and portfolio products are allowed. A credit score of 620 is required. Total debt, including your mortgage payment, may not exceed 41% of gross household income. AHC offers all homebuyers free counseling to improve their financial situation if needed.
Help with First Mortgage Financing
AHC can refer you to one of its partner lenders to provide first mortgage financing. Only those lenders signed up with AHC can use the APM. Some of our lenders offer additional grants, credits and discounts that can further boost your affordability.
First-Time Buyer Requirement
All borrowers must be first-time homebuyers. This requirement is WAIVED if buyer has not owned a home in the last 3 years, is a custodial single parent, or a displaced homemaker.
Income Eligibility
Your gross household income (income from all sources) cannot exceed the below guidelines, based on your family size.
| Family Size | 1 | 2 | 3 | 4 | 5 | 6 | 7 | 8 |
| $42,100 | $48,100 | $54,100 | $60,100 | $64,950 | $69,750 | $74,550 | $79,350 | |
| Above effective as of 5/2010. Guidelines are determined by HUD and are adjusted annually. | ||||||||
Property Eligibility
Single family home, condo or townhome with a maximum purchase price of $271,050. APM buyers may purchase anywhere in Lake County but must have a minimum purchase price of $75,000. A home inspection is required by an inspector licensed in Illinois or Wisconsin. Any code violations, significant health, safety or structural issues must be addressed prior to closing.
Education & Counseling
All buyers must attend a HUD-certified homebuyer education class, such as those offered by AHC. APM buyers must also attend individual counseling with an AHC housing counselor, and agree to post-purchase counseling in the event of a delinquency.
Owner-Occupancy
Borrowers must owner-occupy the property for the life of the loan. AHC programs are not available for investors and landlords.
- Get scheduled for AHC’s home buyer education class; click here for more information.
- Complete our enrollment form. It only takes about 10 minutes and can be downloaded here. Submit the form along with 30 days pay stubs from all borrowers, a signed credit report authorization form, and payment for the credit report. You will receive a phone call in a day or two to schedule an appointment.