Illinois Home Start Loan schedule
Illinois has introduced a new schedule to ramp up sluggish home sales. It is called the Illinois Home Start Loan Program.
Illinois Home Start Loan schedule
This schedule is designed specifically for first time home buyers. The Illinois Home Start Loan schedule allows first time home buyers the opening to use the government 00 tax prestige (American salvage and Reinvestment Act) and ads a twist to it. The twist is that first time homebuyers can now use up to 00 or 3.5% of the home purchase price (whichever is greater) to use as the down payment in purchasing a home. For some first timers, this may mean that they need no money to be brought to the end table in the form of a down payment.
The Specifics: What the Illinois Home Start Loan schedule comes down to is that it offers 2 loans.
1. 30 Year Fixed Rate Loan
This loan is insured by the Federal Housing supervision (Fha) and serviced by U.S. Bank Home Mortgage.
2. Tax prestige expand Loan
This loan allows first time home buyers in Illinois the opening to get a short term loan to use as the down payment towards the purchase of their home.
After the first time home buyer purchases their home, they will file a return with the Irs (or an amended return) to pay back the Tax prestige expand Loan. If the loan is not paid back in its entirety by June 30, 2010, the remaining loan amount will become a 10 year loan at .5% above the 30 Year Fixed Rate Loan.
There are some qualifications which must be met in order to receive both the 30 Year Fixed Rate Loan (can be obtained by itself) as well as the Tax prestige expand Loan. For instance, the property must be a one unit particular family property.The first time home buyer must have a minimum Fico prestige score of 660. The buyer must also occupy the property within 60 days after end and remain in the property for the life of the loan. The buyer must close on or before November 30, 2009.
All in all the Illinois Home Start Loan schedule looks to be just what the Illinois real estate store needs at this time to ramp up existing property home sales.
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