New assistance for first-time homebuyers in Illinois
April 14, 2014
There is a new program to help people in Illinois who have never bought a home before. Governor Pat Quinn stopped in the Quad Cities today, as part of a statewide tour, to announce Welcome Home Illinois, a program that offers first time homebuyers down-payment assistance and a 3.75 percent interest for a 30-year fixed rate mortage.
Quinn says $20 million in funds have been reserved for the program, and that 175 families have already been pre-approved for assistance.
"There's no question there's a lot of young families in particular that have been looking to buy a home in the last couple of years. We had some tough economic times. We're coming out of that. And one of the best ways to grow our economy, is to have more homeowners."
The program is run by the Illinois Housing Development Authority, which partners with local realtors and lenders. Anita Adams, vice president of Valley Bank in Moline, says families who might not have a 20 percent down payment, can still qualify to buy a home, based on their income and credit.
"That 7500 down-payment assistance is going to be a great asset to first time homebuyers who are really having a hard time saving up their money for the down payment. My phone has been going crazy today, and I want you to know that I think a lot of people in this area are very excited about that."
One hundred local lenders are participating in the Welcome Home Illinois Program.
Governor Quinn estimates the program could help create 1,500 full-time jobs and more than $40 million in economic activity for the state.
(L to R: State Representative Mike Smiddy, Hillsdale; Governor Pat Quinn, Tyler Fuhr, President-elect of the Quad Cities Area Realtors Association).