Welcome Home Illinois Mortgage Program Announced

April 06, 2014

Year of Homeownership ExpandsGovernor Pat Quinn recently met with Realtors® to announce the newest state-run mortgage program, Welcome Home Illinois. The program is going to be administered by the Illinois Housing Development Authority, and aims to help around 3,000 qualifying first-time homebuyers during this year’s spring, summer and fall home buying season.

The advantages of the program include:

  • $7,500 cash assistance to cover a down payment.
  • 30-year fixed-rate mortgage with a below-market interest rate.
  • 100 participating lenders and a variety of loan options from which to choose.

This is a big step to helping those that are looking to own a home in Illinois, where there are plenty of opportunities. The program will help first time homebuyers who often do not have the benefit of a lengthy credit history to draw upon for support from lenders and often have less than 20 percent of a home’s asking price on hand for a down payment. Welcome Home Illinois will make it easier for first time home buyers, but there are still requirements to keep this from being an offer dangerous enough for buyers to get over-invested for their income level.

The restrictions include:

  • Borrowers must meet income guidelines and complete homebuyer counseling.
  • Borrowers must contribute one percent or $1,000 of purchase price, whichever is greater.
  • Borrowers must use the home as their primary residence.

To learn more about the program, including loan limits by county, you can visit welcomehomeillinois.gov.

About The Author

Read All Stories By Mitch Levinson

Mitch Levinson is the author of “Internet Marketing: The Key to Increased New Home Sales” published by BuilderBooks. He is an Internet marketing expert with expertise in search engine optimization, website development, email marketing, social media and CRM consulting services. He is known for creating effective programs that can be tracked through analytics to prove effectiveness and ROI. Mitch is founder and president of MLC New Home Marketing and MLC FlatFee Realty, as well as managing partner of mRELEVANCE, LLC, a Marketing, Communication, Interactive agency with offices in Chicago and Atlanta. He currently leads the Chicago team. A Multi-Million Dollar Sales Producer who earned an MBA in Computer Information Systems and eCommerce, he brings a unique perspective and experience to the field of real estate communications. Mitch combines the two interests in order to help home builders and developers gain a competitive advantage through the Internet and technology. When he isn’t behind a computer, he enjoys participating in sports and coaching his kids’ teams. Mitch resides in Arlington Heights, Ill., a northwest suburb of Chicago, with his family, which includes two rambunctious labs. Visit my Google+ profile.

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