IHDA To Offer Home Loans

The Illinois Home Start Loan Program offered by the Illinois Housing Development Authority (IHDA) helps to make homeownership affordable for homebuyers wishing to purchase their first home. The Program offers three loans: the Home Start 30 Year Fixed Rate Loan, an optional Home Start Down Payment Assistance Loan, and the Tax Credit Advance Loan which can be used in conjuntion with the federal homebuyer tax credit. Home Start is available through IHDA lending partners across the state.

1. First Mortgage

• 30-Year Fixed Rate Loan
• FHA insured
• Affordable interest rates
• 3.5% down payment required

2. Optional Down Payment Assistance Loan

• Provides 3% of the purchase price (up to $6,000)
• 0%, 10-year forgivable loan
• Only available with Home Start First Mortgage

3. Optional Tax Credit Advance Loan – Expires April 30!

• Use the federal first-time homebuyer tax credit for your down payment
• Provides 3% of the purchase price (up to $6,000)
• Only available with Home Start First Mortgage

Qualifications: Applicants must be a first-time homebuyer or a veteran, and have a minimum credit score of 620. Certain income and purchase price limits and debt ratios apply. The buyer must contribute 1 percent or $1,000 of the purchase price, whichever is greater, and complete required homeownership counseling. These products may NOT be used with a Mortgage Credit Certificate.