Tips for Military Members and Vets
Welcome Home Heroes Financing Package
Launched to honor those who sacrifice to safeguard our freedom, Welcome Home Heroes is open to all qualified Illinois veterans, active military personnel, reservists and Illinois National Guard members.
The Welcome Home Heroes home buyer financing package includes:
• a $10,000 forgivable loan over two years for down payment and closing cost assistance
• 30-year fixed rate mortgage that has an affordable interest rate
• an optional mortgage credit certificate to reduce federal income tax liability.
Those who are eligible for the Home Heroes package must be veterans-- both first-time homebuyers and non. Applicants must also be active military personnel, reservists and/or Illinois National Guard members-- who are also first-time homebuyers. Lastly, buyers must qualify based on income and purchase price limits.
Once meeting the qualifications, interested applicants must then contact a lender in their area. The lender will determine if they fully qualify for the loan and meet credit standards. Applicants must only apply for 1-2 unit residential properties in Illinois and be purchased as a primary residence.
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