Down Payment Assistance: First Time Home Buyers In Illinois
Down Payment Assistance: The State of Illinois.
These are the steps to get financial help for a first time home buyer in Illinois.
*** Review the complete Home Start guidelines online.
*** Contact a loan officer from an approved Home Start lender and get pre-approved.
*** Take a first time home buyers class.
*** Find a home that meets the pre-approval parameters.
*** Close on your first home.
Illinois Home Start Program.
The State of Illinois started a program for first time home buyers to take advantage of the federal stimulus package 1st time home buyer $8,000.federal tax credit to help more people buy homes. The Illinois Home Start program was changed to offer financial help for low to moderate income borrowers buying their home if they have not owned one in the last 3 years. The 1st time home buyer can still get the $8,000 tax credit and they would also qualify for the 1st time home buyer grant. To get the financial assistance through the State of Illinois the first step is to understand the program and what help is available. The program is Illinois Home Start and offers a buyer up to 3 per cent of the purchase price of your new home to cover down payment and or closing costs. Illinois does not lend you money but they give you the financial help. The loan comes from a participating lender and the loan is based on the FHA guidelines. The complete guidelines are listed on the Illinois Housing Development Authority web site.
Approved Lender - Knowledgeable Loan Officer.
Knowing the benefit of free financial help now you contact a participating lender who will qualify you to purchase a home under the FHA Guidelines. The Illinois Home Start Program has two additional guidelines that most people who qualify for a FHA loan today will meet. First you must have a minimum credit score of 640 and secondly your debt to income ratio can not exceed 43%. Your loan officer can help you determine if you qualify based on these factors and can approve you to receive the financial help. When choosing a loan officer make sure he is knowledgeable about the Home Start Program and FHA guidelines.
First Time Home Buyer Class.
After you have been approved and before you close the loan you must take a first time home buyer class through a HUD certified agency. This class will help you understand the basics of buying and keeping your home. It is highly recommended for all first time home buyers. There are online options but, I suggest you take a class in person because you can ask questions and learn from the questions asked by other participants.
Choose Your Home.
Once you have been approved to get an FHA loan and qualify for the Home Start program, then you and your Realtor go out and find a home that you like to based the amount that you have been approved to purchase. Once you have found a home and have an accepted contract your loan officer will register in Illinois Home Start so you can receive the financial help to purchase your first home.
Close Your Loan. Buy Your Home.
Finally, the lender closes your loan and at closing you are credited 3% of the purchase price toward your down payment. One last thing to know is that you must have a minimum of $1,000 as your minimum investment to purchase your home. That is a good deal. For as little as $1,000 you can buy your first home by getting down payment assistance in Illinois for First Time Home Buyers under the Illinois Home Start Program.
by: Louis Jeffries
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