State, Federal Funds To Help Vets, Military Personnel Buy Homes
SPRINGFIELD, Ill. (CBS) -- Gov. Pat Quinn says money from state and federal sources is now available to help veterans and active-duty military personnel purchase homes in Illinois.
As WBBM Newsradio's Dave Marsett reports, the program, called Welcome Home Heroes, will provide grants of $10,000 for downpayment and closing costs, according to a news release.
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Applicants who qualify can also lock in low-interest loans at 4 percent for a 30-year mortgage, and receive a tax credit of $20,000 in addition, the the release said.
There are certain income and purchase price requirements. All participants must be qualified Illinois veterans or military personnel, and also must be first-time home buyers.
But the Chicago Tribune estimates that 1,000 vets will qualify for the program.
"Many National Guard, Reserve and active-duty Soldiers come back from deployment and face hard times," Maj. Gen. William L. Enyart, the Adjutant General of the Illinois National Guard, said in the release. "Programs such as this homeownership initiative will go a long way toward helping these men and women achieve the American dream. They fought for it and they deserve it."
