Finally Home (formerly known as Our Own Home) was established in 2002 to help Illinois residents buy a home or keep their existing homes from going into foreclosure. Since that time, over $23.8 million in loans to more than 380 families have been processed.

Finally Home is a free program that helps borrowers who have bruised credit, a high debt-to-income ratio or no down payment to secure a conventional, sustainable mortgage from a credible lender. In addition, the program helps borrowers refinance a mortgage if they are facing certain financial hardships due to circumstances beyond their control and show that there is likelihood that they will be able to resume making payments again.

Finally 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. 

If you have questions, please e-mail finallyhome@treasurer.state.il.us or call (312) 814-1899 or (888) 803-4663.

Program Eligibility:

Purchase

• Your combined household income may not exceed 115 percent of U.S. Department of Housing and Urban Development's (HUD) median family income for the area in which your home is located. This limit is based on the number of people in your home and is updated annually.
• You must be an Illinois citizen and documented taxpayer.

• The home must be a one to four unit owner occupied property in Illinois that will serve as your primary residence.
• The price of your home cannot exceed $208,500, which is 50 percent of the conforming loan size limit for a single-family dwelling as established by the Federal National Mortgage Association. This figure is updated annually.
• You must be unable to meet your lender’s conventional mortgage guidelines. Your lender will make this determination when you apply for your mortgage.

Refinance

• Your combined household income may not exceed 115 percent of U.S. Department of Housing and Urban Development's (HUD) median family income for the area in which your home is located. This limit is based on the number of people in your home and is updated annually.
• You must be an Illinois citizen and documented taxpayer.
• The home must be a one to four unit owner occupied property in Illinois that will serve as your primary residence.
• The price of your home cannot exceed $208,500, which is 50 percent of the conforming loan size limit for a single-family dwelling as established by the Federal National Mortgage Association. This figure is updated annually.
• You must currently be behind on your mortgage due to one or more of the following circumstances beyond your control:

1. Loss, reduction or delay in the receipt of income because of the death or disability of a person who contributed to the household income;
2. Expenses actually incurred related to uninsured damage or costly repairs to the mortgaged premises affecting its habitability;
3. Expenses related to the death or illness in the borrower’s household or of family members living outside the household that reduce the amount of household income;
4. Loss of income or a substantial increase in total housing expenses because of divorce, abandonment, separation from a spouse, or failure to support a spouse or child;
5. Unemployment or underemployment; or
6. Loss, reduction, or delay in the receipt of federal, State or other government benefits, participation by the homeowner in a recognized labor action such as a strike.

• You must show a reasonable ability to be able to repay the loan.
• You must be unable to meet your lender’s conventional mortgage guidelines. Your lender will make this determination when you apply for your mortgage.

How to Apply:

1. Complete the Finally Home pre-qualification checklist to see if you meet our program guidelines.
2. If you meet the Finally Home guidelines, a Treasurer's Office representative will provide you with a list of participating lenders in your area.
3. Schedule an appointment with the lender of your choice. Make sure to tell the loan officer you want to use the Finally Home program and ask what information or documents you need to provide.
4. If you meet the lender's guidelines, it will begin the mortgage loan application process and submit the Finally Home program application on your behalf. Your loan will still need to be approved by the lender's mortgage department.
5. Your lender will notify you regarding your mortgage approval. If approved, the bank will contact you directly to discuss the mortgage loan details.

Preparing for Homeownership:

• Read our guide to Housing Resources as well as the mortgage glossary before speaking with your lender.
• Schedule an appointment with a HUD certified counselor to review any questions that you may have regarding the mortgage process.
• Always take the time to read and understand the terms and conditions of your mortgage prior to closing on the loan.  

Personal Experience:

Barbara Yerly and her sons stand on their doorstep with Finally 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 individuals and families with limited credit history who’ve purchased homes thanks to the Treasurer’s Finally 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.”