Governor Pat Quinn today announced his new Welcome Home Illinois loan program to help make homeownership a reality for Illinois' first-time home buyers. The program provides $7,500 in down-payment assistance with an interest rate as low as 3.99 percent for a secure, 30-year fixed rate mortgage. Today's announcement is part of Governor Quinn's agenda to drive economic growth by making homeownership more affordable in Illinois.
"Welcome Home Illinois will provide more opportunities for everyday people across Illinois to have their chance at homeownership," Governor Quinn said. "Homeownership and home-buying are essential to our economy. That's why we are rolling out the welcome mat for families and hardworking men and women by giving them the resources they need to pack up and move into a new home."
Governor Quinn will brief realtors on the innovative program--which is administered through the Illinois Housing Development Authority (IHDA)--this morning at a meeting with the Illinois Association of Realtors leadership in Springfield.