IHDA – Illinois Home Start Loan Program

First-Time Home Buyers can use these 2 loans together: HOME START (30 Year Fixed Rate Loan) 5.25% Interest Rate, minimum 640 credit (9/8/09). Purchaser required to contribute 1% of the purchase price; towards closing costs or down payment (minimum $1,000) Income limitations & purchase limitations based on county <-click to view Qualifing Property Types:  Single Family &  Condos/Townhomes;must serve as borrower’s Primary Residence within 60 days of close,for the life of the loan HOME START Tax Credit Advance Loan Take advantage of the $8,000 federal tax credit refund in advance to use as a down payment (advance = 3.5% of purchase price; max $6,000) How does one qualify for the $8,000 tax credit? <-click to view tech info . book...

$8,000 First-Time Home Buyer Tax Credit at a glance

How is the tax credit derived? 10% of the purchase price up to $80,000 When does one have to purchase in order to qualify? (Jan 1st - Nov 30th '09) Does the tax credit require repayment? It depends... if you keep your home for more than 3 years it is forgiven Is the tax credit exclusive? Yes... first-time home buyers only (IRS Definition: one who has not owned a principal residence within the last 3 years Are there income limitations? Yes... single purchaser - income not to exceed $75,000, joint purchasers - combined income not to exceed $150,000 Can I claim the credit on my 2008 taxes? Yes... be sure to speak with your tax preparer for specific questions Can I use this credit towards my...