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.