| These are the steps to get financial help for a first | | | | secondly your debt to income ratio can not exceed |
| time homebuyer in Illinois. | | | | 43%. Your loan consultant can help you determine |
| *Review the full Home Start criteria online. *Contact a | | | | your qualifications and if you will qualify to receive the |
| loan officer from an approved HomeStart lender and | | | | financial help. When you select a loan officer make |
| get pre-approved. *Take a 1st time home buyers class. | | | | sure they are knowledgeable about the Home Start |
| *Find a property that meets the pre-approval | | | | Program, FHA guidelines and other 1st time home |
| parameters. *Close on your first house. | | | | buyer assistance programs. |
| Illinois Home Start Program. | | | | First Time Buyer Class. |
| The State of Illinois started a program for first time | | | | After you have been approved and before you close |
| homeowners to take advantage of the federal | | | | the loan you must take a first time home buyer class |
| stimulus package 1st time homebuyer $8,000 federal | | | | through a HUD certified agency. This class will help you |
| tax credit to help more people buy homes. The | | | | understand the basics of financing your new place. It is |
| HomeStart program was changed to offer financial | | | | highly recommended for all first time home buyers. |
| help for low to moderate income borrowers buying a | | | | There are online options but, I suggest you take a |
| home in the state of Illinois. The First time homebuyer | | | | class in person because you can ask questions and |
| can still get the $8,000 tax credit and they would also | | | | learn from the questions asked by other participants. |
| qualify for the 1st time home buyer grant as well. To | | | | Choose Your House. |
| get the financial assistance through the State of Illinois | | | | Once you have been approved to get an FHA loan |
| the first step is to understand the program and what | | | | and qualify for the IHDA financial help, then you and go |
| help is available. The program is Illinois Home Start and | | | | out and find a home that you like to for no more than |
| offers a buyer up to 3 per cent of the purchase price | | | | the amount that you have been approved to purchase. |
| of your new home to cover down payment and or | | | | Once you have found a property and have an |
| closing costs. Illinois does not lend you money but they | | | | accepted offer to purchase said property, your loan |
| give you the financial help. The loan comes from a | | | | officer will register you for IHDA program so you can |
| participating lender and the loan is based on the FHA | | | | receive the financial help to purchase your 1st house. |
| guidelines. The full criteria and program description is | | | | Close Your Loan. Buy Your House. |
| listed on the Illinois Housing Development Authority | | | | Finally, the lender closes your loan and at closing you |
| (IHDA) web site. | | | | are credited 3% of the purchase price toward your |
| Approved Lender - Knowledgeable Loan Officer. | | | | down payment. One last thing to know is that you |
| Knowing the benefit of free financial help now you | | | | must have a minimum of $1,000 as your minimum |
| contact a participating lender who will qualify you to | | | | investment to purchase your home. That is a good |
| purchase a home under the FHA Guidelines. The IHDA | | | | deal. For as little as $1,000 you can buy your first home |
| Program has two additional guidelines that most people | | | | by getting down payment assistance in Illinois for First |
| who qualify for a FHA loan today will meet. First you | | | | Time HomeBuyers under the Illinois Home Start |
| must have a minimum credit score of 640 and | | | | Program. |