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

- Buyers must be first-time home buyers or anyone who has not owned a home in the last three years.

- 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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