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Lake County offers assistance to help low and moderate income households purchase homes. The program is funded through the State Housing Initiatives Partnership (SHIP). The funds can be used for down payments and closing costs for new construction or existing homes. The maximum purchase price for new and existing homes is $247,387. The amount of assistance available varies by income category.
| Income Category |
|
| |
Extremely Low Income
30% or Less of AMI |
Very Low Income
50% or Less of AMI |
Low Income
80% or Less of AMI |
Moderate Income
120% or Less of AMI |
| Maximum Assistance Available |
$35,000 |
$35,000 |
$30,000 |
$10,000 |
AMI = Area Median Income
Up to $5,000 of this assistance can be used for repairs to existing homes. The assistance is in the form of a deferred second mortgage which is forgiven after ten years. If the home is sold, ceases to be the principal residence of the borrower, or the borrower refinances with cash out before ten years, the loan must be repaid in its entirety at closing. The loan does not need to be repaid if the refinancing was to obtain a lower fixed interest rate.
Households wishing to participate in the Home Purchase program must be creditworthy, able to obtain a thirty-year fixed rate mortgage from a member of the Lake County Lending Consortium, and must have incomes that do not exceed the following guidelines based upon family size.
Household Size
Number of Persons |
Extremely Low Income
30% or less of AMI |
Very Low Income
50% or less of AMI |
Low Income
80% or less of AMI |
Moderate Income
120% or less of AMI |
1 |
$12,050 |
$20,100 |
$32,150 |
$48,240 |
2 |
$13,750 |
$22,950 |
$36,700 |
$55,080 |
3 |
$15,500 |
$25,850 |
$41,300 |
$62,040 |
4 |
$17,200 |
$28,700 |
$45,900 |
$68,880 |
5 |
$18,600 |
$31,000 |
$49,550 |
$74,440 |
6 |
$19,950 |
$33,300 |
$53,250 |
$79,920 |
7 |
$21,350 |
$35,600 |
$56,900 |
$85,440 |
8 |
$22,700 |
$37,900 |
$60,600 |
$90,960 |
* AMI = Area Median Income
* Effective 3/20/2007
* Subject to periodic updating per U.S. Department of Housing and Urban Development guidelines
Initial applications are processed by Affordable Housing by Lake, Homes in Partnership, Habitat for Humanity, the City of Leesburg and the Community Development Corporation of Leesburg and Vicinity. These organizations in turn have formed partnerships with commercial lenders. Participants are required to attend four home ownership training classes provided by the sponsoring partners and the Lake County Extension Service and undergo at least one hour of credit counseling with Consumer Credit Counseling Services. Click here for Homebuyer Seminar schedule provided by Affordable Housing by Lake.There is no cost for the classes; however, pre-registration is required. To pre-register for the classes please call (352) 742-6532 or (352) 357-8750.
For further information about the Home Purchase program call (352) 742-6532.
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