Elgin, IL – The Land of Lincoln, that lovely midwestern state also known as Illinois, home to Cubs, Bears, Sox, BlackHawks, Bulls and various creatures, has just rolled out a brand new program to help folks buy a home in Illinois. Called the Welcome Home Illinois loan, this mortgage loan comes with built in down payment assistance and a below-market interest rate.
Sounds too good to be true, right?
In an effort to drum up more buyers in a sluggish housing market, the state of Illinois is giving cash assistance up to $7500 to cover the down payment on a home. Removing a major roadblock to home ownership, the dreaded down payment, this program may increase the number of buyers this spring. Renters-take note! Illinois wants you to jump off the rental merry go round and dive into home ownership.
To be eligible:
Buyers must be a first time home buyer (someone who has not lived in a property they own in the past 3 years).
So, what’s the catch?
Buyers must contribute a minimum of $1,000 or one percent of the purchase price, whichever is greater,
The purchased property must be a one or two unit property in the state of Illinois,
The buyers must live in the property as a primary residence (owner occupants only).
The program also supports a 30 year, fixed rate mortgage and can be FHA, Conventional, VA or USDA.
Contact your local mortgage lender for details on this new program for additional restrictions and deadlines. Lenders have eased credit restrictions and other requirements, but each loan is different.