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Tuesday, November 13, 2012

Welcome Home Heroes Program Helps Military Families Afford Homes

Welcome Home Heroes Program
Welcome Home Heroes is a home financing program launched last year by Illinois Governor Pat Quinn that enables military families to purchase a home. Current and veteran members of the military can qualify for a grant of $10,000 to purchase a home. In addition, over the duration of the loan, they are also eligible for a mortgage tax credit up to $20,000.

Veterans, active military personnel, reservists and Illinois National Guard members are all eligible for the program. It is funded by money from the Illinois Jobs Now! Program, along with money from the Illinois Affordable Housing Trust Fund. Governor Quinn recently announced the addition of another $5 million from Illinois Jobs Now! capital funding, enabling the program to help still others.

Eligible military families can use the $10,000 grant for a down payment and closing costs. Mortgage interest rates are provided at 3.25 percent. The program is open to all qualified veterans in the state of Illinois. Applicants must be able to qualify for a mortgage and also be first-time homebuyers; military veterans do not have to be first-time homebuyers. The program is administered by the Illinois Housing Development Authority (IHDA).

The Welcome Home Heroes program has already enabled 550 military veterans to purchase homes. It is estimated that an additional 500 military families will receive assistance through the additional funding.

For more information, visit http://ihda.org/homeowner/heroes.htm
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