Mortgage Loan Guarantee | Finally Home

The Finally Home program helps eligible Illinois residents access mortgage financing through participating lenders. Administered by the Illinois State Treasurer’s Office, the program supports responsible homeownership and refinancing while working only with non-predatory lenders.

Finally Home may be able to help borrowers who are close to qualifying for a conventional, sustainable mortgage but need additional support because of factors such as bruised credit, a high debt-to-income ratio, or financial hardship.

For Borrowers

Need help qualifying for a mortgage or refinance?

The Finally Home program may be a good fit for Illinois residents who have difficulty qualifying for a conventional, sustainable mortgage.

Finally Home may help if you:

  • Are trying to buy a home but fall just short of your lender’s guidelines
  • Need to refinance because of a financial hardship as defined by statute
  • Are concerned about qualifying because of bruised credit, a high debt-to-income ratio, or other factors
  • Are looking for a secure mortgage option through a participating lender

Finally Home program options

  • Purchase a home
  • Refinance due to financial hardships as defined by statute

How the program works

The Finally Home program offers a five-year, 10% mortgage guarantee to participating lending institutions throughout Illinois. The Illinois State Treasurer’s Office provides this credit enhancement to help eligible borrowers obtain a secure mortgage through a participating lender.

Eligibility requirements

To qualify, you must:

  • Be an Illinois resident and a documented Illinois income taxpayer
  • Buy or refinance a one- to two-unit, owner-occupied property in Illinois that will serve as your primary residence
  • Have a combined household income that does not exceed 150% of the U.S. Department of Housing and Urban Development (HUD) median family income for the area where the home is located, based on household size
  • Purchase a home that does not exceed the conforming loan size limits established by Fannie Mae
  • Be unable to meet your lender’s conventional mortgage guidelines because of a high debt-to-income ratio, insufficient credit score, or other qualifying factors
  • Contribute at least 3.5% toward the mortgage down payment

How to apply

To apply for Finally Home:

  • Your lender will notify you about your mortgage approval and, if approved, will contact you directly to discuss the loan details.
  • Schedule an appointment with a participating lender and ask for the Finally Home program by name.
  • If you meet the lender’s requirements, the lender will begin the mortgage loan application process and submit the Finally Home application on your behalf

For Lenders

Want to participate in the Finally Home program?

Lenders interested in participating must complete and submit a guarantee application to the Illinois State Treasurer’s Office.

Participating lenders help eligible Illinois borrowers access mortgage financing through responsible lending practices.

How to Participate

To get started, lenders should:

  • Review program requirements
  • Complete the guarantee application
  • Submit all required supporting materials for review

Why participate

By participating in Finally Home, lenders can help qualified borrowers who may not meet every conventional underwriting standard but are still strong candidates for sustainable home financing.

Why Finally Home

Finally Home helps expand access to homeownership and refinancing opportunities for Illinois residents while promoting fair, responsible lending. Through partnerships with participating lenders, the program gives eligible borrowers a path forward when they need additional support to secure a mortgage.

Complete a guarantee application to become a participating lender. If you represent a lending institution, please review the documents below:

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