New financing to help Illinois veterans afford homes - WREX.com – Rockford’s News Leader

New financing to help Illinois veterans afford homes

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Thanks to $5 million in new funding from Illinois Jobs Now!, an additional 500 military families around Illinois will get help buying new homes.

The Welcome Home Heroes program assists veterans in buying homes with a forgivable $10,000 grant for down payment and closing costs, a low interest rate (currently 3.25 percent), for a secure 30-year mortgage, and a mortgage credit certificate worth up to about $20,000 for the life of the loan.

"We appreciate Governor Quinn tailoring a program to meet the needs of families like us," newlywed and Army St. 1st Class Eric Sereda said. "With the $10,000 down payment assistance, we had extra money to plan our wedding and begin our new life together. The housing interest rates are so low, and Welcome Home Heroes was just too good to pass up."

The program was launched in December 2011 with $5 million in Illinois Jobs Now! capital funds and $5 million from the Illinois Affordable Housing Trust Fund. The new $5 million investment will stimulate economic activity statewide, including:

  • 250 full-time jobs
  • $8.4 million from real estate-related industries
  • Over $6.7 million in economic activity for the state
  • An additional $2.7 million in other statewide spending

Welcome Home Heroes is administered by the Illinois Housing Development Authority and open to all qualified Illinois veterans. Active military personnel, reservists, and Illinois National Guard members can also participate if they are buying their first home.

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