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   City of Lancaster -> Departments -> Community Development -> Homebuyer Acquisition Assistance Program

 

Homebuyer Acquisition Assistance Program

The City of Lancaster has available a homebuyer acquisition assistance program to assist low-and-moderate income households in purchasing a single family dwelling unit within the City of Lancaster.

The City of Lancaster's Community Development Department will provide a deferred loan of $5,000.00 for a mortgage buy down to help eligible persons qualify for a conventional loan through a participating bank, savings and loan association, credit union or other private lending institution.

Lancaster's Homebuyer Acquisition Assistance Program is financed through the U.S. Department of HUD or the State of Ohio.

    DO YOU QUALIFY?

  • Your total household income must not exceed the following limits.

Family Size Income
1 Person $36,600
2 Person $41,800
3 Person $47,050
4 Person $52,250
5 Person $56,450
6 Person $60,600
7 Person $64,800
8 Person $68,950

  • Income Limits Effective February 13, 2008

  • The home you want to purchase must be located within the City of Lancaster
  • A participating bank, savings and loan association, credit union, or other private lending institution must approve your home loan.
  • You may retain no more than $5,000.00 in liquid assets after closing.
  • The home you want to purchase can not involve displacement and relocation activities.
  • Homebuyer education counseling may be required.
  • Compliance with the lead based paint regulations is required.

How to Apply

Contact your bank, savings and loan association, credit union, or other private lending institution to ask if they will participate in the acquisition deferred loan program.

Complete a loan application with a participating lender.

Authorize the participating lender to provide copies of your loan application, loan documents, and purchase agreements to the City of Lancaster.

To receive further information on the program or schedule an appointment for an application, please contact the City of Lancaster's Community Development Department.

 

 
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