Governor Pat Quinn visited Rockford Monday to tout the Welcome Home Illinois Loan Program, which hopes to help first-time homebuyers with down payments and low interest rates.
The program offers rates as low as 3.75 percent and hopes to open the housing market up to more Illinoisans who may not be able to otherwise afford a new home.
According to the Illinois Association of Realtors, the percentage of first-time homebuyers has decreased. In 2013, new homebuyers made up just 21 percent of total home purchases.
"We're in a time the realtor market is booming from the standpoint that there's demand, there are a lot of folks who have a lot of trouble with that down payment and this is really going to be a boom for the market," Illinois Association of Realtors President Jim Barbagallo commented.
Quinn's opponent in the November election for governor, Republican Bruce Rauner, however, says the program is not new. He says Quinn's predecessor, Rod Blagojevich, implemented the program and Quinn himself has previously introduced it as well.
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