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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
First-Time Home Buyer Program (FTHB)
How it Works
The FTHB provides qualified buyers purchasing anywhere in Lake County with $5,000 in purchase assistance to use toward down payment and closing costs. The assistance is a 0%-interest loan with no payments due until you sell the home, transfer title or get a cash-out refinance. Additional monies are available for Waukegan ($5,000 in assistance) and North Chicago buyers ($8,000 in assistance).
Benefits of the FTHB
The FTHB offers minimal out of pocket costs, help for buyers with less than perfect credit and provides assistance for lower-cost properties.
Out of Pocket Costs
Only $1,000 total, including downpayment and all other fees.
Mortgages & Financing Terms
First mortgage must be a fixed-rate loan. Borrowers must qualify for financing with an AHC participating lender. Conventional, FHA, VA, IHDA and portfolio products allowed. A credit score of 620 is required. Total debt, including your mortgage payment, may not exceed 41% of gross household income.
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 FTHB. 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. Lake County buyers may not exceed 100% median family income. Some Waukegan and North Chicago buyers will be limited to 80% median family income.
| Family Size | 1 | 2 | 3 | 4 | 5 | 6 | 7 | 8 |
| 80% MFI | $42,100 | $48,100 | $54,100 | $60,100 | $64,950 | $69,750 | $74,550 | $79,350 |
| 100% MFI | $52,600 | $60,100 | $67,600 | $75,100 | $81,200 | $87,200 | $93,200 | $99,200 |
| Above effective as of 5/2010. Guidelines are determined by HUD and are adjusted annually. | ||||||||
Property Eligibility
Single family home, condo or townhome anywhere with a maximum purchase price of $271,050. Although there may be some limited funds for the remainder of Lake County, the FTHB is largely for buyers that purchase in the cities of Waukegan or North Chicago. 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.
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.