Illinois Home Start Program

The Illinois Home Start Loan Program helps to make homeownership affordable for homebuyers wishing to purchase their first home. The Program offers two loans, the Home Start 30 Year Fixed Rate Loan and an optional Home Start Tax Credit Advance Loan.

The Illinois Home Start Loan Program is offered by the Illinois Housing Development Authority
(IHDA) on behalf of the State of Illinois and is available from Wintrust Mortgage.

HOME START - 30 Year Fixed Rate Loan

•    Loan insured by the Federal Housing Administration (FHA)
•    Option to use in conjunction with the Home Start Tax Credit Advance Loan Program.
•    First time homebuyer (except Veterans and active duty service personnel).
•    Minimum credit score of 660.
•    Must be able to contribute 1% of the purchase price from their own savings, or $1,000, whichever is greater.
•    Must complete homebuyer education.

HOME START - Tax Credit Advance Loan

The Illinois Home Start Tax Credit Advance Loan allows first time homebuyers who plan to take advantage of the $8,000 federal stimulus tax credit access to the refund to use for the down payment on their new home. IHDA will
make a 0% interest loan for up to 3.5% of the purchase price with a maximum loan amount of $6,000. If the Tax Credit Advance Loan is repaid in full by June 30, 2010, only the first mortgage remains. Otherwise the Tax Credit Advance Loan will become a second position ten year amortizing loan at 0.5% above the interest rate on the Illinois Home
Start 30 year loan.

•    Must qualify and secure a Home Start 30 Year Fixed Rate Loan.
•    First time homebuyer (except Veterans and active duty service personnel).
•    Must complete homebuyer education.

A $300 processing fee will be charged for each loan at closing. If the loan is repaid in full by June 30, 2010, $100 of that fee will be refunded to the homebuyer.

* Program terms and conditions are subject to change at any time. Please consult a Wintrust Mortgage Loan Professional for the most up-to-date information. All approvals are subject to underwriting guidelines.

Glavin Team

Mary Glavin & Amy Buchanan

Mortgage Loan Professionals

Phone: (630) 598 - 2320
Fax: (630) 214 - 3625

Whether you are buying, selling, or refinancing, it is important to have an experienced mortgage professional to help you analyze your financing options, and make sure the closing goes smoothly. As a loan officer with Wintrust Mortgage, I have the expertise and experience to get you the right mortgage, and to handle your transaction professionally. With my experience, and our rates and programs, you are sure to get the mortgage that is right for you.

Please remember to get me involved early on in your home-buying process. Starting the Process not only gives you a better idea of what you can qualify for, it also gives you a stronger negotiation position when you find the home of your dreams.

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