WINNEBAGO (WIFR) -- Veterans face plenty of challenges when they return from active duty, the state of Illinois doesn't want finding a place to live to be one of them.
The Welcome Home Heroes Program helped Army veteran Eric Luke and his wife buy their new home in Winnebago; move in day was three weeks ago. The couple wanted to find a bigger home closer to family in the area. During the house hunt, their mortgage officer at Alpine Bank told about the welcome home heroes program. Qualified veterans can get $10,000 in down payment assistance plus a 30 year mortgage at an affordable interest rate. Luke says he's grateful he was able to take advantage of the program, and it was something that really helped out his growing family.
“You find that when you have one kid, a smaller home works out pretty good but once you have two, it changes things, and you just need little more space,” says Eric Luke, who served overseas in Korea and in the Iraq War. “This program just allows veterans that opportunity giving them and their families a place to live, it’s a great program.”
There are income and purchase price limits for this program and veterans have to put at least $1,000 down or 1% of the purchase price, whichever is greater. Applicants also have to take mandatory homeownership counseling. The program started three years ago and 1,300 veterans and active duty military members have used it.
To learn more visit: http://www.ihda.org/homeowner/faq.htm