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Illinois Launches Home Start Loan Program
CHICAGO (AP) -- 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.

(Copyright 2009 by The Associated Press. All Rights Reserved.)
07 22 09 by Newsroom
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