My Real Estate Blog

What is the HOME START program? This is an Illinois program that offers affordable interest rates and down payment assistance for first-time home buyers and veterans. What are the qualifications? See the following:

Qualifications

• Must be first-time home buyer or Veteran
• Minimum credit score of 620
• Maximum total debt (back end) ratio of 43%
• Property's purchase price must be within the limits
• Buyer must contribute 1% or $1,000 of the purchase, whichever is greater
• Homeownership counseling is required

Currently 3 packages are available under the Illinois Home Start Program.

1. First Mortgage
2. First Mortgage with down payment assistance
3. First Mortgage plus Tax credit Advance

For program details and how to apply, contact an IHDA-approved mortgage lender.