The Illinois HOME START program offers below-market interest rates and down payment assistance to first-time homebuyers and veterans.  First-time homebuyers are individuals who have not owned a home in the last three years.  Eligibility for each program is based upon household income, family size and the sales price of the home. 

HOME START 30-Year Fixed Rate Loan is FHA insured and available at rates below the 30-year fixed market rate.

Qualifications:

  • First-time homebuyer or veteran
  • Minimum credit score of 620
  • Income and purchase guidelines must be met
  • Must qualify and secure an IHDA Home Start 30yr fixed rate loan
  • Must contribute 1% or $1,000 of the purchase price from savings
  • Home ownership counseling required

HOME START Down Payment Assistance Loan is a 0%, 10-year forgivable loan that provides 3% of the purchase price (up to $6,000) to assist with the down payment.  This loan is only available when used in conjunction with the 30-Year Fixed Rate Loan.  The interest rate on the 30-Year Fixed Rate Loan will increase by 0.5% for buyers utilizing the DPA loan.

http://www.ihda.org/ViewPage.aspx?PageID=328