Gov. Quinn tours state for Welcome Home IL loan program
CHICAGO -- Gov. Quinn is touring the state Monday, talking about his new Welcome Home Illinois loan program for first-time home buyers.
Welcome Home Illinois provides down-payment assistance and interest rates as low as 3.75% for a 30-year fixed mortgage.
Welcome Home Illinois includes: - $7,500 cash assistance to cover down payment - 30-year fixed-rate mortgage with a below-market interest rate - Variety of loan options to choose from, including FHA, Conventional, VA, and USDA
Eligibility: - Buyers must be first-time home buyers or anyone who has not owned a home in the last three years.
Requirements: - Contribute 1% or $1,000 of the purchase price, whichever is greater - Purchase a one- or two- unit property within Illinois - Live in property as primary residence
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