Gov. Quinn meets with Illinois REALTORS®, announces Welcome Home Illinois mortgage program

Illinois Gov. Pat Quinn met with Illinois REALTORS® Tuesday to announce a new state mortgage program, Welcome Home Illinois. The program, administered by the Illinois Housing Development Authority (IHDA), aims to help around 3,000 qualifying first-time homebuyers during this year’s spring, summer and fall homebuying season.

“Real estate and REALTORS® are extremely important to the working of our economy, to homeownership and to making sure that people across Illinois have an opportunity to participate in the American Dream,” Quinn told the REALTORS® at a meeting at the Illinois Association of REALTORS® headquarters in Springfield. He was joined by IHDA Executive Director Mary R. Kenney.

“A house is not just four walls and a roof. It is really people having a stake in a neighborhood and a community,” Quinn said, adding that homeownership also benefits the greater economy and spurs civic participation.

Learn more about Welcome Home Illinois at welcomehomeillinois.gov.

Highlights of the new program:

  • $7,500 cash assistance to cover a down payment.
  • 30-year fixed-rate mortgage with a below-market interest rate.
  • 100 participating lenders and a variety of loan options from which to choose.
  • Borrowers must meet income guidelines and complete homebuyer counseling.
  • Borrowers must contribute one percent or $1,000 of purchase price, whichever is greater.
  • Borrowers must also be using home as their primary residence.

This entry was posted in Consumer Information, Housing Market, IAR Events by Stephanie Sievers. Bookmark the permalink.

About Stephanie Sievers

Stephanie Sievers is Senior Editor for the Illinois Association of REALTORS®. She serves as Senior Editor for IAR publications including the Illinois REALTOR® magazine and all other IAR publications. She is responsible for developing content for the Illinois REALTOR® Weekly Connection e-newsletter, coordinates the IAR Twitter account content at ILREALTOR and plans and develops content for videos. She assists in developing and writing content for the IAR blog. She also is involved in researching and drafting news releases and coordinates the news media distribution database and newsclips reports for the Association. She also assists in IAR spokesperson training seminars and is involved in development of association briefing materials on issues. She assists with the housing statistics program and reports.