In December, Illinois launched the Welcome Home Heroes program to promote homeownership for Illinois veterans, active military personnel, reservists and Illinois National Guard members.
Welcome Home Heroes is open to all qualified Illinois veterans. Active military personnel, reservists and Illinois National Guard members must be first-time buyers. The financing package includes a forgivable $10,000 grant for down-payment and closing cost assistance, an affordable interest rate (4 percent at this time) for a secure 30-year fixed-rate mortgage, and a mortgage credit certificate worth up to approximately $20,000 for the life of the loan.
The program builds on the Illinois Housing Development Authority’s existing affordable home loan program, SmartMove, also available through IHDA’s lenders. Income thresholds and purchase price limits apply. Administered by the IHDA, the package applies to 1-2 unit residential properties that are located in the State of Illinois and are purchased as a primary residence.
For more information contact a lender in your area. Application is free. A list of lenders is available at www.ihda.org/homeowner/heroes.htm.
