Last month Governor Pat Quinn announced the Welcome Home Illinois loan program for first time homebuyers. The announcement of this program is part of his agenda to drive economic growth by making homeownership more affordable in Illinois. The program offers a forgivable loan of $7,500 that is secured by a second mortgage to help with down payment or closing costs. The borrowers must contribute the greater of one percent of the overall purchase price or $1,000 toward the down payment.
Welcome Home Illinois "will provide more opportunities for everyday people across Illinois to have their chance at homeownership," Governor Quinn said."Homeownership and home-buying are essential to our economy. That's why we are rolling out the welcome mat for families and hardworking men and women by giving them the resources they need to pack up and move into a new home". Governor Quinn will brief realtors on the innovative program which is administered through the Illinois Housing Development Authority (IHDA) at a meeting with the Illinois Association of Realtors leadership in Springfield. In addition, Veterans purchasing a home in Illinois are eligible for $10,000 in down payment assistance.
Minimum Credit Scores of 640 FHA/VA and 680 for Conventional
- Maximum purchase price limits Lake, Cook, DuPage & McHenry Counties
- 1 unit $378,461
- 2 unit $484,476
- Income limit by family size for the above Counties
- Available programs