General Applications are currently CLOSED.
Thank you for your interest in Lake-McHenry Habitat’s Homeownership Program! We believe that everyone deserves a safe, affordable place to call home. Our homeownership program helps make this a reality for more people in our community.
Contact: homeownership@habitatlmc.org
We open applications twice a year, in September and February. Check back for updates!
Add yourself to our interest list below to be the first to get notice of new application openings and program updates.
How does Habitat work?
Applicants are screened based on the following qualification rubric. Our homeownership team takes each submitted application during open cycles and reviews thoroughly to ensure that the program is a good fit. We strive to set up our homeowners for stable, safe, secure futures in their homes with affordable mortgages that enable families to thrive.
Need for Housing
Households must demonstrate a need for safe, stable, and affordable housing. This need maybe based on one or more of the following conditions:
- Gross household income below 80% of the Area Median Income (AMI) for Lake-McHenry County.
- Cost-burdened housing; paying more than 30% of gross monthly income on rent.
- Overcrowded living conditions; size is inadequate for the present or anticipated residents.
- Unsafe, unsanitary living conditions or located in a particularly unsafe area.
Willingness to Partner
To help ensure a successful homeownership journey, we ask applicants to actively engage with Habitat through the following actions:
- Submit all requested documentation and information promptly.
- Complete pre-purchase financial education.
- Engage in partnership hours–an opportunity to be hands-on in building your home, gaining valuable knowledge and skills.
- Maintain open, honest, and timely communication with Habitat.
Ability to Pay
To qualify financially for Habitat’s Homeownership Program, applicants must demonstrate the ability to pay an affordable mortgage through the following:
- Stable, consistent source of gross income between $54,700 and $105,050 annually. *max income level varies based on household size
- Income can come from various sources, including employment, government assistance, pensions or other sources if it is verifiable, reliable and expected to continue for three (3) years. For employment income; must demonstrate two years of consistent employment income with at least six months at the same employer.
- Satisfactory credit history with a credit score of 640 or higher.
- Able to maintain a minimum of $3,000 to contribute toward closing costs.
- At least three years since bankruptcy discharge, with a demonstrated positive payment history.
-
- Existing monthly debt obligations must support affordable mortgage qualification.
- Includes recurring monthly payments such as credit cards, vehicle loans, student loans, child support, alimony, and similar obligations.
