Accepting Pre-Applications February 1 – 16, 2025
Mark your calendars! We are thrilled to announce that our Homeownership Program will be accepting pre-application materials Saturday, February 1 – Sunday, February 16 at 11:59PM.
Available Homes
We have a variety of homes available across Lake County, including:
- 3 Homes in North Chicago
- 1 Home in Round Lake
- 3 Homes in Waukegan’s 1st Ward
- 6 Homes in Scattered Sites across Waukegan
Available homes will feature three bedrooms with either two bathrooms or one bathroom, designed to meet the needs of families in our community.
Program Eligibility
In order to qualify for our program, applicants must be able to, at minimum, afford 50 percent of the appraised value of a Habitat home. While there is no specified minimum income requirement, applicants must demonstrate sufficient income to cover the costs associated with homeownership.
We’ve determined this income sets future homeowners up for success with a solid financial foundation and less vulnerability to financial challenges, including rising cost of living. This can contribute to long-term stability and successful homeownership.
Need for Affordable Housing
- Cost-burdened housing; paying more than 30% of gross monthly income on rent.
- Overcrowded: Size is inadequate for the present or anticipated residents.
- Unsafe, unsanitary living conditions or located in a particularly unsafe area.
- Gross household income below 80% of the Area Median Income (AMI) based on household size for Lake County (see FAQs for more information).
Willingness to Partner
- Submit all requested documentation and/or information in a timely manner.
- Complete pre-purchase financial education.
- Schedule and complete volunteer hours.
- Attend all financial classes and check in meetings.
- Display open, honest communication with Habitat.
Ability to Pay an Affordable Mortgage
- Stable and consistent source of income.
- 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.
- At least one year of stable employment.
- Satisfactory credit history with FICO score over 640.
- Qualify for a Habitat mortgage no more than 30% of applicant(s) gross income through a third-party lender.
- Able to save a minimum of $3,000 to cover a percentage of closing costs.
- No outstanding collections, liens or judgments.
- Bankruptcy – minimum of two years since discharge.
- Monthly debt payments no more than 11% of gross monthly income.
- Calculation = Monthly debts/Gross monthly income (pretax.) Debt to consider: credit cards, car loans, student loans, child support, alimony, etc.
- Applicant(s) must be a U.S. Citizen or Permanent Resident.
Frequently Asked Questions
In order to qualify for the Habitat homeownership program, your household income should be at or below 80% of Area Medium Income (AMI) as established by the U.S. Department of Housing and Urban Development (HUD).
| Family Size | Maximum Income |
| 1 | $62,800 |
| 2 | $71,800 |
| 3 | $80,750 |
| 4 | $89,700 |
| 5 | $96,900 |
| 6 | $104,100 |
| 7 | $111,250 |
| 8 | $118,452 |
Households are required to invest hours working on their future home or the homes of other Habitat families or volunteering at the Habitat office. Financial education classes, monthly budgeting sessions, and other homeowner education classes will also be counted toward Partnership hours. Families work in partnership with Habitat’s trained site staff and work side-by-side with other volunteers.
Unfortunately, we are unable to accommodate location requests. The Homeowner Selection Committee will ask for your household’s preference, but will ultimately choose families for a particular house based on your family’s size and the availability of homes at the time when you are selected as a partner family.
No. Habitat requires that you live in your home. You cannot rent out the home or move out and let others live there instead.
As long as the residence serves as your primary residence, you may also run a business out of your home.
Not necessarily. We encourage you to communicate with us during periods of financial difficulty, and we will do our best to work together and find a sustainable solution.
Absolutely. We encourage you to reapply if your circumstances have changed.
Yes. Habitat’s classes are required for all program participants because our classes cover a wide range of topics, some of which are specific to our program. Because these classes are only offered to Habitat families, it’s also an opportunity for you to connect with fellow Habitat homeowners.
We want to hear from you. Don’t hesitate to email our Homeownership team with any further questions at: [email protected]. Thank you for your interest in partnering with us!
