News

New Mortgage Program Announced

New Mortgage Program Announced

Photo: Newsradio WTAX

A new program may help more people in Illinois buy a home for a first time.

The Welcome Home Illinois program provides $7,500 in assistance towards a down payment, as well as a 30-year mortgage with an interest rate as low as 3.75 percent.

Gov. Pat Quinn says those costs may be what’s keeping some families from becoming homeowners. “For many renters, they’re paying more money now in rent than they would in a mortgage,” Quinn said. “But the key is to get over that hump of down payment and closing costs, and get connected to our lenders and our Realtors.”

Though the program is marketed as a solution to first-time homebuyers, anyone who has not owned a home in the past three years may qualify. There are limits on the price of the home being bought, as well as limits on the household income of those receiving assistance; those numbers vary from county to county.

The program is being administered by the Illinois Housing Development Authority (IHDA) on a first-come, first-served basis.

Recent Headlines

in Local

Man, Boy, Dog Hit and Killed in Bloomington

police_lights

Poor lighting could be a factor

in Local

Free Trade Proposal Brings Disagreement

roskam

$8B for Illinois, says congressman

in Local

Benedictine Goes Adults Only

local_news_generic

Growth in older population, reduction in traditional college-age cited

in Local

State Lawmaker: IDOT Not the Only Agency Whose Hiring Process May be Suspect

idot

Federal monitor to check agency on hiring practices