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Interested in Purchasing a NSP Property? 
Things You Should Know:

As of June 2015

The Affordable Housing Corporation of Lake County rehabilitates properties using federal funding purposed to stabilize neighborhoods in the wake of the foreclosure crisis. AHC is a nonprofit organization established in 1995 that assists Lake County communities and families in buying homes, improving homes and saving homes from foreclosure. Buyers of a home rehabbed by AHC 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 non-negotiable requirements:

1) Income Eligibility: Gross annual household income may not exceed the below, and will be verified upon the acceptance of the Residential Real Estate Contract.

Household Size

















120% MFI









Updated as of 6/2015

2) Education & Counseling: Complete 8 hours of education and counseling with a HUD-certified housing counseling agency such as AHC.

3) Forgivable Loan Assistance: Financing will include a secured subordinate loan of $1,000 to $14,999; the exact amount will depend on how much the buyer needs to afford the home as determined by a review of income and assets. This 0%-interest deferred loan has no monthly payments and is forgiven after 5 years in the home. The loan will become due and payable if the buyer sells the home, transfers title, the property is no longer the buyer(s) principal residence, or obtains a cash-out refinance prior to 5 years.

4) 1st Mortgage Lender & Attorney: Buyer must engage an attorney and utilize a first mortgage lender that can accept AHC’s loan assistance and underwriting guidelines. AHC will provide referrals to lenders experienced with AHC programs upon request (strongly recommended).

5) Underwriting Guidelines: AHC’s guidelines include the below. Your first mortgage lender will also have its own guidelines.
• No cash back at closing allowed
• Minimum down payment of 1% of the purchase price or $1,000, whichever is greater
• Gift funds not to exceed $10,000
• Housing-to-income ratio of 22%-35%, and maximum debt-to-income ratio of 41%
• Reserves equal to at least one month’s mortgage payment
• Assets may not exceed 100% MFI (i.e., $68,400 for a family of 3) excluding savings for retirement, college and special needs trust funds

Contact AHC at 847/263-7478 or for more information.


None Available At This Time

If you are interested in purchasing any of the properties listed, you can contact Mr. Ezell Robins, Director of CDBG Department at (847) 599-2530 for more information.