Home-buyers encouraged to take part in ‘Welcome Home llinois’
Governor Pat Quinn will be visiting Marion and Collinsville to urge first time home-buyers to participate in his new Welcome Home Illinois loan program.
The loan program is for first-time home-buyers, designed to improve the economy by making buying a home more affordable for Illinoisians.
The Illinois Housing Development Authority administers the new loan program. It will provide home-buyers with a $7,500 in down-payment assistance with an interest rate as low as 3.875 percent for a secure, 30-year fixed rate mortgage. A family of three in Marion or Collinsville could qualify earning up to $82,915 in annual household income.
The program has been a success since its launch at the beginning of April, financing more than $50 million total for potential home-buyers. More than 50,000 people have visited the Welcome Home Illinois website.
According to the National Association of Realtors (NAR), every home sold generates two jobs and $60,000 in ripple effects to the overall economy.