Lake County Homebuyers Assistance Program

Lake County Homebuyers Assistance Program is a deferred second loan for homebuyers in Lake County, Indiana, administered by Lake County Community Economic Development Department (LCCEDD). The Lake County (Indiana) Community Economic Development Department administers a Homebuyers Assistance Program that helps income-eligible households overcome upfront purchase costs such as the down payment, fees, and closing costs. The maximum assistance is $5,000 per qualified household. The program is funded with federal HUD CDBG and HOME dollars and serves the county's entitlement area communities. Up to $5,000 toward down payment, fees and closing costs. Serves Lake County entitlement-area communities. HUD CDBG/HOME funded. Funding comes from U.S. HUD Community Development Block Grant (CDBG) and HOME Investment Partnerships Program funds.

Lake County Homebuyers Assistance Program offers up to $5,000 in assistance. The program can be combined with Private first mortgage financing. Amounts are the program's published maximums, not an offer — Lake County Community Economic Development Department (LCCEDD) determines any individual award.

Lake County Homebuyers Assistance Program is deferred, so no payments are due until the home is sold, refinanced, or the first mortgage is paid off. The assistance is recorded in Subordinate position. Forgiveness and repayment terms are set by the program and can change — confirm them on the official program page before applying.

Lake County Homebuyers Assistance Program is open to homebuyers who will live in the home as their primary residence. Residency requirement: Property must be in the Lake County entitlement area: Cedar Lake, Crown Point, Dyer, Griffith, Highland, Hobart, Lake Station, Lowell, Merrillville, Munster, New Chicago, Schererville, Schneider, St. John, Whiting, Winfield, and all unincorporated areas of Lake County.

Lake County Homebuyers Assistance Program limits household income to 80% of the area median income, which varies by county and household size. Household income must not exceed the 80% moderate-income limit for Lake County as established by HUD (e.g., per the brochure: $50,050 for 1 person, $57,200 for 2, $64,350 for 3, $71,450 for 4, up to $94,350 for 8+). The limit applies to total household income, not only the borrower’s. 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 County Homebuyers Assistance Program caps the purchase price at $223,000. Eligible property types include Single Family. New construction is eligible.

Lake County Homebuyers Assistance Program serves homebuyers purchasing in Lake County, Indiana. The program targets specific areas: Lake County entitlement-area municipalities and unincorporated areas (excludes separately-entitled cities such as Gary, Hammond, and East Chicago). Targeted neighborhoods: Cedar Lake, Crown Point, Dyer, Griffith, Highland, Hobart, Lake Station, Lowell, Merrillville, Munster, New Chicago, Schererville, Schneider, St. John, Whiting, Winfield.

Applications for Lake County Homebuyers Assistance Program go through Lake County Community Economic Development Department (LCCEDD), which publishes the current terms and the application steps on its own site. Funds are reserved through Application through LCCEDD. 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.