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.