Our Own Home helps borrowers purchase a home, refinance a mortgage or modify a loan if they are facing financial hardship due to circumstances beyond their control and show that there is a likelihood that they will be able to resume making payments again. The free program is designed for those who are close to securing a conventional mortgage but due to some factor, such as bruised credit, lack of down payment or a high debt-to-income ratio, are not quite there.

Our Own Home provides lenders with extra security on mortgages they might otherwise reject. The Treasurer’s Office guarantees 10 percent of each loan amount for the first five years of the mortgage. Should there ever be a default, this ensures that a lender recovers at least part of its investment.

How do I qualify?

• You must have an annual household income of $75,000 or less.
• You must be an Illinois resident and documented taxpayer.
• The home must be a one to four unit property and your primary residence.
• The price of the home you are looking to buy must be at or below the median home value for the county in which the home is located. Find the median value of your potential home here.
• You must be unable to meet conventional mortgage guidelines. Your lender will make this determination when you apply for your mortgage.

How do I apply?

1. Contact the Our Own Home division of the State Treasurer's Office at (312) 814-1249 for an overview of the program and a list of participating lenders. If your preferred lender is not a
   current participant, we can request they sign up.
2. Your lender will submit an application form on you behalf. You need to sign the application to show that you are aware of the program and agree to the terms and conditions of the program.
3. The Treasurer’s Office will review your application and notify you in writing of your approval. Applications are typically processed within five business days.

Personal Experience:

Barbara Yerly and her sons stand on their doorstep with Our Own Home Director Ben Noven.

When Barbara Yerly rented a home in Dalzell, Ill., she lived with the fear that her landlord would force her to uproot her three sons and relocate. “There was always the chance of the landlord selling the house and forcing us to move,” Yerly said. “We really love the neighborhood. We live a block away from the grade school, and living anywhere else would have been a culture shock.”

To bring comfort and stability to her household, Yerly decided to pursue her dream of home ownership. She is among the 300 individual and families with limited credit history who’ve purchased homes thanks to the Treasurer’s Our Own Home program.

“I didn’t have a solid work history on paper so I didn’t think my chances for a mortgage were very good,” Yerly said. “I was pleasantly surprised when the loan officer told me that I would qualify for a mortgage backed by the Illinois State Treasurer’s Office.”