Home Sweet Home: Lake County’s Homebuyers Support
Breaking Down Barriers to Homeownership with Lake County’s Homebuyer Assistance Program. Recognizing that many individuals have the financial capability to handle monthly mortgage payments but struggle with the daunting upfront costs associated with purchasing a home, the Lake County Community Economic Development Department has taken a bold step to make homeownership more accessible. The Homebuyer Assistance Program has been thoughtfully crafted to provide a helping hand to households in Lake County’s Entitlement Area, easing the burden of down payments, fees, and closing costs.
|
Did you know that there are several Ohio solar incentives, rebates, and programs expiring in 2023? Before you start worrying, you should know that there are unbelievable new incentives here now! Check out one of the most popular resources for learning about these programs in the link below.
Access Ohio Solar Programs |
Available Assistance
The Lake County Community Economic Development Department’s Homebuyer Assistance Program is a lifeline for income-eligible applicants within Lake County’s Entitlement Area, offering a maximum assistance of up to $5,000. These funds can be strategically applied to cover a portion or even the entirety of the upfront costs, significantly reducing the financial strain associated with purchasing a home.
|
Ohio mortgage programs may be able to save you hundreds every month. A new 2024 mortgage may be able to give relief to homeowners. Unfortunately, most Americans will not receive their mortgage benefits because they are not aware of some of these programs. You do not need to pay anything to check how much you could get.
Check Ohio Programs Here |
Income Limits
Eligibility for the Homebuyer Assistance Program hinges on annual household income falling below 80 percent of the area median income, as determined by HUD and adjusted for family size. These income limits are as follows:
- 1 person household: $36,350
- 2 person household: $41,500
- 3 person household: $46,750
- 4 person household: $51,900
- 5 person household: $56,100
- 6 person household: $60,250
- 7 person household: $64,400
- 8+ person household: $68,500
It’s important to note that household income encompasses all earnings received by household members aged 18 or older who will be residing in the home, regardless of whether they are listed on the mortgage.
*Please be aware that the income figures provided were accurate at the time of publication and may have changed. For the most up-to-date information, we recommend visiting the program’s official website.
Entitlement Area Coverage
The Lake County Community Economic Development Department’s Entitlement Area encompasses a wide range of communities, including Cedar Lake, Dyer, Crown Point, Griffith, Highland, Hobart, Lake Station, Lowell, Merrillville, Munster, New Chicago, Schneider, Schererville, St. John, Whiting, Winfield, as well as all unincorporated areas in Lake County. This expansive coverage ensures that eligible individuals and families throughout the region have the opportunity to benefit from the Homebuyer Assistance Program.
With the support of the Lake County Community Economic Development Department, homeownership becomes a realistic goal for a more extensive segment of the population. Don’t let upfront costs deter you from achieving your dream of owning a home in the vibrant communities of Lake County.
