Welcome Home Illinois Program
Peoples National Bank Urges Homebuyers to Act Fast and Take Advantage of Welcome Home Illinois Program which offers First-Time Homebuyers Down-Payment Assistance and a 3.75 Percent Interest Rate on a 30-Year Fixed Mortgage
Welcome Home Illinois is helping first-time homebuyers afford their first home and Peoples National Bank wants to make sure that everyone who qualifies gets a chance to participate. This program will help give hardworking men and women the opportunity of homeownership that they deserve, and help drive our economy forward.
The new loan program is administered through the Illinois Housing Development Authority (IHDA) and provides first-time homebuyers $7,500 in down-payment assistance with an interest rate as low as 3.75 percent for a secure, 30-year fixed rate mortgage*. Generating interest at a faster pace than other IHDA programs, the timing is perfect for Welcome Home Illinois, tailored to working families, with borrower income limits up to 140 percent of the area median income (AMI).
Following an overwhelming response to the launch of the program, more than $19.7 million in financing has been reserved as residents lock in $7,500 in down-payment assistance and below-market rates. Many house hunters are already flooding the housing market during the spring buying season. “More than 24,000 have visited the Welcome Home Illinois website and local home buyers are quickly recognizing the program for its historically low rates, currently at 3.75 percent, which is well below the benchmark 30-year fixed-rate mortgage at 4.47 percent*.“
“Families across the state are quickly recognizing Welcome Home Illinois as a perfect first step to becoming a homeowner,” IHDA Executive Director Mary R. Kenney said. “With 175 reservations made in the program’s first 14 days, it’s truly gratifying to see this program help real people realize their dream of home ownership, helping them to build a better future and leading to a stronger overall economy in Illinois.”
Welcome Home Illinois is open to qualified Illinois first-time homebuyers on a first-come, first-serve basis. The program is funded through Illinois Jobs Now! and the Illinois Affordable Housing Trust Fund.
With funding quickly being reserved, interested homebuyers can find additional details about the program locally at Peoples National Bank, proudly serving Southern Illinois in McLeansboro, Dahlgren, Mt. Vernon, Fairfield, Harrisburg, Marion, Benton, Carmi, Centralia and Salem. Visit www.peoplesnationalbank.com to find the location nearest you.
*Information from Govenor Quinn’s Press Release on Welcome Home Illinois dated April 14, 2014.