It boggles my mind that Trulia has us answer mortgage questions, but doesn't enable the posting of tables. I ran a comparison and posted the link below.

As a disclosure, I like the HomeStart programs. If you could not buy a home without this down payment assistance and it enables you to get a home at essentially 0% down and a low rate, this is a great program.

Great program, but it is not free money. I used your numbers and roughly charted the pro's and con's of the down payment assistance program here:

http://www.luettmortgagegroup.com/mortgagecenter/daily-updat…

Hope it helps,

Thank you all for the information

Al-info:

We are a participating lender as well. If Chris is unable to help you give us a call.

Kurt Clements
GSF Mortgage
3933 75th St
Aurora, IL 60504

Office: 630-806-7016
Cell: 630-430-1091

kclements@gsf-mortgage.com
http://www.gsfgovernmentloans.com http://www.suburbanrtohomes.com

Thanks for the information. Chris I am looking around 160K Thanks

We are a participating lender and it's good for a lot of people, but not everyone. You definitely need to do the math on these programs and compare them to other FHA or conventional options.

The main part of the program is an interest rate of 4.75% (today and subject to change). That's the good part.

It can be paired with either the Tax Advance part (0% interest loan against the first time home buyer credit) or the Down Payment Assistance program.

The Down Payment part of the plan has to be reviewed to see if it fits your personal situation. Essentially, you have to pay an extra .5% on the ENTIRE loan amount to get the assistance. If you don't need it, do NOT take the down payment assistance.

If you let me know the price range, I'll post a link to a comparison of the program with and without the down payment assistance.

Al-info,

Did you try this link. It will allow you to search for a participating lender. http://www.ihda.org/ViewPage.aspx?PageID=328

Hope that helps!!

David P Cruickshank
Ardain Mortgage Corp.
847-354-5455