FYI: First time home buyers!!! Governor Pat Quinn is going to - TopicsExpress

FYI: First time home buyers!!! Governor Pat Quinn is going to propose a program tomorrow just for you. The plan will give eligible first-time home buyers a 30-year fixed mortgage offered by the Illinois Housing Development Authority at below market interest rates. ◆ It will also offer a forgivable loan of $7,500, secured by a second mortgage, to help with the down payment or closing costs. At minimum, borrowers must contribute the greater of one percent of the purchase price or $1,000 toward the down payment. ◆ This program is only for first-time home buyers, or anyone who hasn’t owned a home in the last three years, and has at least a credit score of 640. And there are additional city programs that can help make your first purchase even more affordable If you choose to purchase a foreclosed home in certain neighborhoods. (See my previous post)

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