The Illinois HOME START Loan Program is for first time homebuyers.  The program offers two loans:  the Home Start 30 Year Fix Rate Loan and an optional Home Start Down Payment Assistance Loan. 

So, let me begin with the HOME START Down Payment Assistance Loan because that's an area where most first time homebuyers want to research. 

How it works:  The HOME START Down Payment Assistance Loan helps gives first time homebuyers access to additional funds upfront to help with the down payment.  Subsequently, the homebuyer will see a 0.5 precent increase on the current rate for the first loan.

WHAT YOU GET: 

• 10 Year forgivable loan
• 0% interest rate
• Non-amortizing
• Maximum loan amount is three percent of the purchase price up to $6,000

WHO QUALIFIES:

• First time homebuyers (never owned real estate before) Military Veterans are exempt from this requirement, btw!
• You must qualify and secure a HOME START 30 Year Fixed Rate Loan
• Homeownership counseling is required (doesn't hurt and usually helps one to succeed in homeownership)

WHAT's the CATCH?

• Income Restrictions
• Cannot combine this with any other grant sources funded by the Illinois Affordable Housing Trust Fund or federal HOME funds
• Must be used wiht the 30 Year Fixed Rate Loan

HOW TO APPLY

Locate an IHDA partner lender a www.ihda.org

Now, the HOME START 30 Year Fixed Rate Loan is a 30 year loan obviously with a fixed rate that is insured by FHA (Federal Housing Administration).

Some restrictions apply:  Your income and purchase price limits apply and you can't use wiht a Mortgage Credit Certificate!

Qualification Guidelines for the HOME START 30 Year Fixed Rate Loan are as follows:

1. You must be a first time homebuyer (no previous ownership)  U.S. Military Veterans are exempt from this qualification!
2. Minimum credit score of 640
3. Must be able to contribute one percent or $1,000 of the purchase price from their own savings
4. Ya gotta have homeownership counseling.  Against, this isn't bad because it helps you understand homeownership.

So, this is what I'll do for you, if you purchase a home from me, I will buy you a 13 month home warranty package for your home, just in case something goes wrong with you home during your first year.  This helps you adjust to homeownership. 

NO GAMES.  NO GIMMICKS.  Pretty straight forward.  You have been given options and I just put the icing on the cake for you.