Illinois Provides Funding for Military Homebuyers

Recently, Illinois invested more money into Welcome Home Heroes.  The $5 million cash injection will help military families and veterans buy homes in the state.  In addition to active military members and veterans, the program is also available to Illinois National Guard members and reservists.  To qualify under this program, you must be a first-time home buyer unless you are a veteran.

There are income limits as well.  If you are buying a home in Cook, Lake, DuPage, Will, McHenry, or Kane counties, then your household income must be less than $90,960, assuming your household consists of 1-2 people.  If your household consists of 3 or more people, your household income must be less than $106,120.  All other Illinois counties are eligible too, although they each have their own income limits.

Of course, there are limits on the purchase price as well.  If you are buying a single-family property in Cook, Lake, DuPage, Will, McHenry, Kane, Kendall, Grundy, or DeKalb counties, the home must cost less than $378,461.  All of the other counties have their own purchase price limits, but they are all less than $378,461.

If you meet the various requirements and qualify for a Welcome Home Heroes loan, here’s what you get:

1)  A 30-year fixed loan.  As of today, the interest rate is 3.725% for conventional financing and 3.25% for FHA or VA programs (subject to change).
2)  A forgiveable loan of $10,000 for closing costs and down payment assistance
3)  A special mortgage credit certificate to help save more money than the traditional itemized deduction for interest on your income taxes

If you feel you might qualify, it’s worth looking into!