Wednesday, April 23, 2014 - Article by: Barb Lanis - The Federal Savings Bank -
April 2014 Illinois: A New Down Payment Assistance program has been added to the already successful Illinois Housing Development Authority's (IHDA) existing programs.
Welcome Home Illinois offers $7,500 towards a down payment for first time buyers (or anyone that has not owned a home within the previous 3 years). The terms of the program are better than that of the existing IHDA loans, carrying lower interest rates and higher down payment assistance amounts.
Income limits are very generous. For example, Cook, Du Page, Kane, Lake, McHenry, and Will counties income limits are $90,960 for a 2 person household. Higher income is allowed for 3+ household.
Gov. Quinn has encouraged potential home buyers to take advantage of the funds sooner rather than later as grant funds are limited. Additional program information available here: http://welcomehomeillinois.gov/the-program/
1st Advantage Mortgage is a participating lender. Please feel free to contact me with any questions.
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