SPRINGFIELD – Governor Pat Quinn announced his new Welcome Home Illinois loan program to help make homeownership a reality for Illinois’ first-time home buyers. The program provides $7,500 in down-payment assistance with an interest rate as low as 3.99 percent for a secure, 30-year fixed rate mortgage. Today’s announcement is part of Governor Quinn’s agenda to drive economic growth by making homeownership more affordable in Illinois.
Today, Illinois announced Welcome Home Illinois, a program that provides $7,500 in down-payment assistance and below market rates for first-time and boomerang homebuyers. The program is aimed at working-class families. For example, a Chicago-area family of three could earn as much as $106,000 in annual household income and qualify. The program will be administered through Illinois Housing Development Authority (IHDA)