Illinois Program Offers Incentives To Attract New Homeowners - News and Weather For The Quad Cities -

Illinois Program Offers Incentives To Attract New Homeowners

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It is the American dream and now a new program in Illinois is helping to make that a reality. The "Welcome Home Illinois" program is an initiative to help attract new homeowners in the state by offering to help with down payments and more.  The program is sponsored by the Illinois Housing Development Authority and it's for first time home buyers or someone who hasn't owned a home in three years. It's for people that want to own homes, but need assistance with their down payments.

"The biggest hurdle for home ownership is that down payment," said Ruhl Mortgage loan officer, Mckenzie Mathews. Mathews attributes that to the reason why more people are renting. "The reality is in today's economy the hourly rate is enough to keep the family fed and maybe have a little extra,  but coming up with even five percent or three percent down for that house is a substantial amount of money."

The new program hopes to change that offering $7,500 toward your new home while making home ownership both realistic and affordable. "It is a five-year zero interest forgivable loan. That means it does have a lean on your property for five years, but it's forgiven over that period of time," said Mathews. " If you were in that house for five years that $7500 is completely forgiven

Mathews says the Welcome Home Illinois program is off to such a good start that it could cause a spike in home ownership on the Illinois side of the Quad Cities something she says is needed.  "It means folks are going to look at Illinois and say this is a huge opportunity for me and this is a lot of money. I'm going to take advantage of this," said Mathews. " I don't feel like we've competed as well against Iowa when it comes to the different programs available. It's nice to see Illinois address this.

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