Illinois Housing Development Authority sees record number of buyers
SPRINGFIELD - According to the Illinois Housing Development Authority, over 4,500 home-buyers have reserved more than $500 million in mortgage financing, and officials say that's a record in the agency's 30 years of mortgage lending.
The agency says it's a success story as experts recognize the importance of first-time home-buyers in pushing economic development. The Housing Development Authority uses unique ways to help first-time buyers, such as 30-year fixed-rate loans, competitive interest rates, and as much as $10,000 in down-payment assistance.
Another key program is "Welcome Home Illinois," which offers $7,500 in down-payment assistance with an interest rate as low as 3.75 percent for a 30-year mortgage. Special programs are also offered by the agency for veterans or those who choose to buy a vacant property.