The Illinois Housing Development Authority (IHDA) has announced that they will discontinue the Welcome Home Illinois program on Nov. 30. This means that your clients only have until the end of the month to potentially receive $7,500 in down payment assistance.
“I recommend that every broker associate look into this opportunity for their clients before it runs out, and there is no one more qualified to help with this process than a Key Mortgage loan officer,” said Esther Phillips, senior vice president of Key Mortgage Services. When it comes to securing IHDA funds for borrowers, Key Mortgage is number two in Chicago and number six in the state.
The Welcome Home Illinois provides qualified buyers with $7,500 in cash assistance to cover a down payment, as well as a 30-year fixed-rate mortgage with a below market interest rate. Qualified borrowers are individuals who have not owned a home in the last three years, plan to purchase a one- or two-unit property within Illinois and will live in that property as a primary residence. Buyers must contribute one percent or $1,000 of the purchase price, whichever is greater.
While the Welcome Home Illinois program will end this month, there are still three other programs that provide up to $10,000 in downpayment and closing cost assistance. For more information about these programs, please speak with a Key Mortgage loan officer.