First Time Home Buyer Assistant Program
Lake County now offers a way for first time home buyers to purchase a home in Lake County with minimal amount of money. The program offers individuals and families with a FHA/VA or conventional, 30 year, fixed rate mortgage an opportunity to receive a 4.25% cash gift on the amount borrowed. The cash gift may be used to offset some or all of the home loan down payments and closing costs.
Program guidelines allow for new or existing, owner-occupied, single-family homes, town homes, and condos. Purchase price upper limits are $203,000 for new construction or $199,230 for an existing home. Income limits are set at $75,400 for 1-2 person household and $86,710 for families of three or more. For further information contact Eli Astacio, Bank One (847) 289-2025; Kim Buckley, National City Bank (847) 816-5786, or Laurie Bradway, Harris Bank (630) 842-7367.
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