Illinois has a new program to help first-time home buyers.
Under the Illinois Home Start Loan Program, hundreds of residents will be offered a 30-year-fixed rate loan. Available to first-time home buyers, the loan is insured by the Federal Housing Administration.
The program offered by the Illinois Housing Development Authority also gives the home buyers the opportunity to use a second loan to help them make a down payment. This loan allows the first-time buyers an advance loan on the $8,000 federal tax credit that they can pay back once they get the credit.
Besides first-time home buyers, the program is available to veterans and members of the military who are on active duty even if they've purchased homes before.
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Copyright 2009 Associated Press. All rights reserved. This material may not be published, broadcast, rewritten, or redistributed.
Under the Illinois Home Start Loan Program, hundreds of residents will be offered a 30-year-fixed rate loan. Available to first-time home buyers, the loan is insured by the Federal Housing Administration.
The program offered by the Illinois Housing Development Authority also gives the home buyers the opportunity to use a second loan to help them make a down payment. This loan allows the first-time buyers an advance loan on the $8,000 federal tax credit that they can pay back once they get the credit.
Besides first-time home buyers, the program is available to veterans and members of the military who are on active duty even if they've purchased homes before.
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Copyright 2009 Associated Press. All rights reserved. This material may not be published, broadcast, rewritten, or redistributed.
