HOME START 30-YEAR FIXED RATE LOAN is FHA insured and available at rates below the 30-year fixed market rate

HOME START DOWN PAYMENT ASSISTANCE LOAN is a 0%, 10-yr forgivable loan that provides 3% of the purchase price (up to $6000) to assist with the down payment.  This is perfect for buyers who don’t have down payment money, but will be able to pay back the loan immediately after receiving the $8000 tax credit check.

How to apply:  An IHDA-approved mortgage lender will review your monthly income, expenses, employment history and credit report to determine if you are eligible.  The lender network can be found at www.ihda.org
REQUIREMENTS:

INCOME & PURCHASE PRICE LIMITS

                                                     Maximum Income             Maximum purchase price

Less than 620: it will be tough to get a loan.

Difference between the top score and the bottom one? Over $60,000 in real savings.

http://remaxshowcase.sikku.com/app/signup/new.aspx?ipid=259941 to register.

You will be sent a text with all of the information and photos too!

• Copies of last 2 years W-2′s (for each borrower)
• Copies of most recent month’s paystubs (for each borrower)
• Copies of all assets: All pages of the last 2 or most recent quarterly statements including but not limited to savings, checking, money market, investment, retirement, 401K’s, etc. (for each borrower)
• Copy of the fully executed Contract of Sale including all pages and riders (once you have found a property)
• Copy of Driver’s License (for each borrower)
• If self-employed (Corporation, S-Corp, or Partnership), need copies of last 2 years personal and business Federal Tax returns (signed) including all pages and schedules for all businesses owned 25% or more.
• Copy of the listing on the property being purchased, if available.
• Checkbook/Money for Application fee (varies between lender.. $250-350)
• Names and addresses of landlord for past 2 years (if applicable).
• Names and addresses of employers for past 2 years.
• Copy of divorce decree, separation, or child support papers (if applicable).
• All bankruptcy and discharge of bankruptcy papers (if applicable).

If you answer “YES” to the following questions, you are probably ready to buy a home:

1.  Do you have a steady, reliable income?
      In other words, have you been employed on a regular basis for the last 2
      years and do you expect to maintain employment?

2.  Do you have a good record of paying your bills?
       Have you made regular, on-time payments?  If not, read on; there is still
       hope!

3.  Do you have money saved up for a down payment and closing
      costs?
      Many home buyers think that a down payment of 20% is needed. 
      IT’S NOT.  Many loans exist today that allow buyers to put down 10%
      to as little as 3.5% on the purchase of a home.  So, don’t give up just
      because you cannot come up with 20% down.

4.  Do you have the ability each month to pay the mortgage as
      as well as additional costs that go along with home ownership,
      such as taxes, insurance, and maintenance?

 The Fed now appears to have given birth to a new piece of paperwork that might accomplish what it’s supposed to do– make the mortgage-lending process clearer for consumers!  You can look over the proposed 4-page Good Faith Estimate at www.hud.gov under “Read HUD’s Mortgage Reform”.

 Stay tuned for updates on this story!