Lake County Homebuyers Assistance Program
Financial Assistance for Homebuyers in Indiana
The Lake County Community Economic Development Department’ Homebuyer Assistance Program helps income-eligible applicants in Lake County’s Entitlement Area with a maximum assistance of $5,000. These funds can be put toward covering some or all of the upfront costs, significantly lowering the out-of-pocket expense.
The Homebuyer Assistance Program is available to applicants whose annual household income falls under 80 percent of the area median income established by HUD, adjusted for family size:
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
*Household income is defined as all income received by household members (18 years or older) who will be living in the home, even if they are not on the mortgage.
(Note: These figures were accurate at the time of publication and may no longer be current - visit the program website for updated information.)
Lake County Community Economic Development Department’s Entitlement Area consists of:
Cedar Lake, Dyer, Crown Point, Griffith, Highland, Hobart, Lake Station, Lowell, Merrillville, Munster, New Chicago, Schneider, Schererville, St. John, Whiting, Winfield, and all unincorporated area in Lake County, and all unincorporated area in Lake County.
*Seller-funded down payment programs were eliminated in the Housing and Economic Recovery Act of 2008, but States and Local government agencies are still permitted to help borrowers finance their homes with second mortgages and grants. These agencies set different requirements that a borrower needs to meet in order to qualify for the grant programs, such as property location, and purchase price and income limits.
Down payment assistance programs and/or grants were researched by the team at FHA.com. Please note that all programs listed on this website may involve a second mortgage with payments that are forgiven, deferred, or subsidized in some manner until resale of the mortgaged property.
FHA.com's compilation is not a complete list, but it can serve as a starting point in your search for the down payment assistance program or grant for your situation. It is up to the consumer to contact these entities and find out the specifics of each program.
Down Payment Grants in Indiana
This program is provided through the Homeownership Opportunity Network (HON) and assists borrowers by providing HOME program funds in the form of forgivable loans for principal reduction, down payment, and closing costs when purchasing a home.
The Indiana Housing and Community Development Authority (IHCDA) offer a number of homeownership programs, one of which is Next Home, that provides homebuyers with down payment assistance.
The Homebuyer Assistance Program is designed to assist households with overcoming this hurdle, by assisting with down payment, fees, closing costs, etc. The program helps qualified households with a maximum assistance of $5,000 for closing costs, down payment, and fees.
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