The Illinois Home Start Loan Program was made for First Time Home Buyers. The First-Time Home Buyer Credit enabled buyers to receive a credit on their tax returns when they purchased by November 30, 2009. Now, first-time home buyers can take advantage of this program by putting the tax credit as a down payment. There are a few guidelines to this:
- The maximum amount of the loan can be 3.5% of the purchase price, up to a maximum of $6,000.
- Only buyers who close on or before November 30th, 2009 are eligible.
- Buyers can pay the loan back when they receive their income tax returns.
- The buyer needs to take a home buyer education class given by a HUD certified counsler
To read about all of the details of this credit, go to: