In my opinion anyone who serves our country is a Hero. Illinois has created a program for these Heroes.
GI Loans for Heroes is available to Veterans and Active Service Personnel
GI Loan Highlights:
- Minimum down payment is $1,000.00. The down payment must be from the buyers personal funds.
- Income and Purchase price limits apply
- No buy downs
- Private Mortgage Insurance (PMI) may be required
- For the purchase of a primary residence 1-2 unit
- Can not be used more than once
- 1stMortgage with IHDA (Illinois Housing Development Authority) mortgage interest rate
- 2nd Mortgage loan will be at 0% for a 30 year term up to $40,000.00
- Closing cost assistance available up to $2,500.00
- Homeownership counseling is mandatory. IHDA will reimburse the cost of counseling up to $350.00
- Origination funding fee is 1.5%. Loans less than $58,000.99 IHDA will pay $875.00
- No cash back at closing
This program is only for the purchase of a home, can not be used to refinance a currently owned property. You do not have to be a first time homebuyer to qualify for this program.
All participant of the program, including others listed on the mortgage are subject to credit review.
If you are a Veteran or Active Duty looking to purchase a home in Illinois, the Illinois Homeownership Program for Veterans and Active Service Personnel may be for you. This program is sponsored by the Illinois Housing Development Authority.
For more information or to see if you qualify contact your IHDA approved lender.
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