Mortgage Loan Guarantee for Borrowers | Finally Home

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.

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.

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

List of participating lenders

The financial institutions listed below participate in Finally Home, a program that helps eligible Illinois residents access affordable mortgage financing. Available loan funds may vary by lender, and some lenders may serve a broader area than what is listed here. Contact the lender directly to ask about current availability, program requirements, and whether they serve your area.