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 an interest
free loan of $5,000 for a mortgage buy down to help eligible persons
qualify for a conventional or insured mortgage loan through a participating
bank, savings and loan association, credit union, or other private lending
institution. The loan will be collaterized by a
subordinate lien and repayment is due on sale and/or transfer of property.
Lancaster's Homebuyer Acquisition Assistance Program
is financed through the U.S. Department
of HUD or the State of Ohio.
| Family Size |
Income |
| 1 Person |
$37,350 |
| 2 Person |
$42,650 |
| 3 Person |
$48,000 |
| 4 Person |
$53,300 |
| 5 Person |
$57,600 |
| 6 Person |
$61,850 |
| 7 Person |
$66,100 |
| 8 Person |
$70,400 |
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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. The loan payment of principal, interest, taxes and
insurance (PITI) should not exceed 30% of the household’s gross monthly
income.
-
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 call:
CITY OF LANCASTER
COMMUNITY DEVELOPMENT DEPARTMENT
111 South Broad Street
Suite 217
Lancaster, Ohio 43130
(740) 687- 6663
E-mail:
cdd@ci.lancaster.oh.us
The city will not discriminate against any
application on the basis of race, creed,
color, sex, national origin, familial status
or handicap. The homeowner housing
rehabilitation program guidelines are
available in alternative formats upon
request.
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