How do you qualify for the HOME START Tax Credit Advance Loan?
Question by vee_ann84: How do you qualify for the HOME START Tax Credit Advance Loan?
We were pre-approved for an FHA loan. We want to take advantage of the HOME START Tax Advance Loan where you can use the $ 8000 first-homebuyer tax credit for your downpayment. Does anyone know anything about this? Do you have to have a certain debt-to-income ratio to qualify?
Best answer:
Answer by v b
While the FHA authorized this, it’s only if states are willing to do it.
Your real estate agent should know if it’s available and how to get you in touch with them.
Here are the requirements for Illinois (they may be typical)
http://www.ihda.org/admin/Upload/Files//784fbb40-55e9-4a4b-bc75-789be5d17f7a.pdf.
Know better? Leave your own answer in the comments!
the disabled on SSI can get it who are on Section 8 and want to buy a home with another person having a income of $ 1600. a month.
other people can get it but you should ask the Home Start program what the requirements are.
Ask your lawyer since you should have one buying a house