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Home buyer's program provides $10,000 down payment plus tax credit
Home buyer's program available for Illinois Military Veterans
Launched to honor those who sacrifice to safeguard our freedom, Welcome Home Heroes is open to all qualified Illinois veterans, active military personnel, reservists and Illinois National Guard members.
The Welcome Home Heroes homebuyer financing package includes:
• a $10,000 forgiveable loan over two years for down payment and closing cost assistance
• a 30-year fixed rate mortgage that has an affordable interest rate
• an optional mortgage credit certificate to reduce federal income tax liability.
Eligibility • Veterans (who need not be first-time homebuyers)
• Active military personnel, reservists and Illinois National Guard members (must be first-time homebuyers)
• Buyers must qualify based on income and purchase price limits. Rock Island county limit for a single family home is $250,200. Rock Island county income limit is $72,100 for a household up to 2 people and $82,915 for a household over 3 people.
How to apply Interested buyers must apply through a lender in their area. The program only applies to 1-2 unit residential properties in the State of Illinois purchased as a primary residence. The new loan builds on the existing affordable home loan, SmartMove, also available through IHDA's lenders.
How does the tax credit work? A mortgage credit certificate (MCC) enhances the benefit of the ... more
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