Lake-McHenry Habitat for Humanity Homeownership Program

Lake-McHenry Habitat for Humanity Homeownership Program is a first mortgage for homebuyers in North Chicago, Illinois, administered by Lake-McHenry Habitat for Humanity. Lake-McHenry Habitat for Humanity builds and sells newly constructed, energy-efficient homes to income-qualified households in Lake and McHenry Counties, including North Chicago. Qualified buyers receive 0% interest fixed-rate mortgages with payments capped at 30% of gross monthly income, and Habitat assists buyers in securing available DPA at closing. 0% interest fixed-rate mortgage. Payment capped at 30% of income. New construction energy-efficient home. Habitat assists with DPA at closing. Funding comes from Habitat affiliate fundraising, volunteer labor, donated materials, grants.

Lake-McHenry Habitat for Humanity Homeownership Program is a first mortgage and is repaid under the terms set by Lake-McHenry Habitat for Humanity. Repayment is triggered by Sale of home or end of loan term; shared appreciation agreement applies for first half of loan term if sold early. The assistance is recorded in First position. Forgiveness and repayment terms are set by the program and can change — confirm them on the official program page before applying.

Lake-McHenry Habitat for Humanity Homeownership Program is open to first-time homebuyers and homebuyers who will live in the home as their primary residence. "First-time" has exceptions here: Current homeowners are ineligible. On credit, the program states: Credit score of 640+; scores 580-619 or no credit may be acceptable with alternate credit documentation. A homebuyer education course is required, through Lake-McHenry Habitat for Humanity classes and workshops. Residency requirement: Must be willing to live in the home; primary residence; North Chicago applicants must be open to living in North Chicago. Citizenship or immigration status: U.S. Citizen or Permanent Resident. 200-250 partner hours required. No outstanding liens/judgments. 2+ years since bankruptcy; no foreclosure in past 3 years. General applications open Feb/Sept; North Chicago homes have a separate active interest list.

Lake-McHenry Habitat for Humanity Homeownership Program limits household income to 80% of the area median income, which varies by county and household size. The limit applies to total household income, not only the borrower’s. The program lists a maximum household size of 8. Area median income figures are published by HUD and updated annually, so check the current table for the county before relying on a number.

Lake-McHenry Habitat for Humanity Homeownership Program caps the purchase price as follows: Home purchase price will not exceed Fair Market Value; sales price set at appraisal value near closing. Eligible property types include Single Family. New construction is eligible. Manufactured homes are not eligible.

Lake-McHenry Habitat for Humanity Homeownership Program serves homebuyers purchasing in North Chicago, Illinois. The program targets specific areas: Lake County, IL communities including North Chicago.

Applications for Lake-McHenry Habitat for Humanity Homeownership Program go through Lake-McHenry Habitat for Humanity, which publishes the current terms and the application steps on its own site. Funds are reserved through Application cycles open twice per year (February and September); North Chicago homes have separate interest list. Hey Prescott is not a lender and does not accept applications; this page describes the program so a homebuyer can take it to a lender or housing counselor.