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To help stabilize neighborhoods in the wake of the foreclosure crisis, AHC is acquiring foreclosed and vacant homes, making improvements, and then reselling the properties to eligible households. Click on the below links for information on homes currently for sale:
Buyers of AHC's homes can be assured of purchasing a home that is healthy, safe and structurally solid. In most cases, AHC's investment in the home will exceed what the buyer pays for the property. Prospective buyers should be aware of the following guidelines.
Help with Closing Costs & Silent Secondary Financing:
Buyers will receive assistance equivalent to 10% of the property purchase price, with maximum assistance of $15,000. For example, a property with a purchase price of $130,000 will receive total assistance of $13,000. You may use up to $3,000 of the assistance as a closing cost credit; these would be grant funds forgiven immediately after closing. No additional closing cost credit will be provided beyond $3,000. The remainder of the funding (e.g., excluding the closing cost credit) will be provided as a silent second mortgage at the time of closing. This will be recorded as a 0%-interest deferred lien against the property. It will be fully forgiven after the borrower has remained 5 years in the property if none of the following conditions occur: sale of property, transfer of title, cash-out refinance, or failure to owner-occupy the property as their primary residence. The loan will become immediately and fully due and payable should any of these conditions occur. Due to the specialized nature of these loans, AHC strongly recommends all NSP buyers to work with an AHC participating lender that is familiar and experienced with these types of loans. Call 847/263-7478 for a referral.
Income Eligibility
Buyers' gross household income (i.e., income from all sources) may not exceed 120% of median family income, adjusted for family size.
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Household Size
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1
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2
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3
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4
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5
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6
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7
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8
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120% MFI
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$62,850
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$71,800
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$80,800
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$89,750
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$96,950
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$104,100
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$111,300
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$118,950
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Education & Counseling Required
Buyers must receive a certificate demonstrating they have participated in 8 hours of education and counseling with a HUD-certified counseling agency such as the Affordable Housing Corporation of Lake County.
Buyer's Attorney Required
To insure a smooth transaction and access to communication among all parties, buyers must engage an attorney.
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