The Illinois Housing Development Authority is willing to help any armed service person to purchase a home if he or she has one thousand dollars in saving to apply towards the purchase of a home.
The program is called "G-I Loans for Heroes". The serviceperson would, however, have to have two mortgages.
The first mortgage will have a low interest for eighty percent of the purchase price. The second mortgage has an interest rate of zero for the remaining twenty percent of the purchase price up to $40,000. The serviceperson will also receive a grant of up to two thousand five hundred towards closing cost. In addition, the serviceperson would have to attend homeownership counseling.
To qualify you must be:
- an honorable discharged veteran
- currently in the armed services and a first time home buyer
- a first time home buyer in the reserve and currently on active duty
The serviceperson can purchase a single family home, condominium, or duplex.
For further information contact the Illinois Housing Department Authority at http:www.ihda.org or call them toll free at 800 942 8439 or 312 836 5244.
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