Illinois REALTORS® were on hand for the official roll-out of a new homebuyer loan program backed by Gov. Pat Quinn.
Called Welcome Home Illinois, the program aims to help first-time buyers buy a place of their own. The program comes at a time when higher down payments and credit scores can be an obstacle to first-time homebuyers.
The roll-out began this morning in Chicago with Quinn discussing work with the Illinois Association of REALTORS® at a press conference. REALTOR® Zeke Morris made remarks on behalf of IAR. Buyers agent, Jose Hernandez, with Coldwell Banker, and his clients who are using the mortgage were also part of the event.
“We want to make sure the REALTORS® are aware of this program and see them as the matchmakers to bring buyers and this loan product together,” Quinn said.
REALTORS® Jim Barbagello, from Rockford; Tonya Burris, from Peoria and Tyler Fuhr, from the Quad Cities, were scheduled to be on hand with Quinn on Monday, April 14, 2014, as the governor made stops touting the program.
The Welcome Home Illinois program is administered through the Illinois Housing Development Authority and:
- Can offer up to $7,500 cash assistance to help with a downpayment.
- Provide a 30-year, fixed-rate mortgage at a below-market interest rate.
- And the effort provides a series of loan programs to choose from.
Quinn has made homeownership a priority while in office. He introduced a Building Blocks program to revitalize communities with vacant housing, and he backed the Welcome Home Heroes program which offers downpayment assistance to veterans and active-duty military personnel.
Those eligible for the program must pay $1,000 or 1 percent of the purchase price, whichever is greater, purchase a one- or two-unit property and live in the property as a primary residence.
The full details are outlined at the program’s website.
Quinn announced the Welcome Home Illinois program during discussion with IAR’s leadership at the annual Capitol Conference and Lobby Day earlier this month.