Two months ago, Ben and Becky Beary welcomed baby Abe to the world, and three weeks ago, the Bearys bought their first home, thanks to the state sponsored I-LOAN mortgage program.
"I never thought I'd have a home at this age. I'm very grateful for everything IHDA has done because I get to start my new family in a new home," says Beary.
The I-Loan program is run by the Illinois Housing Development Authority, or IHDA. I-LOAN mortgages are usually between a half and a full percent below the market rate for a 30-year fixed mortgage. The program is open to first time buyers with low and moderate incomes, and now the state is taking the program to a whole new level.
"Gov. Blagojevich asked IDHA to expand the program with $175 million statewide for the coming fiscal years, which begins July 1st. It will be allocated on a first come, first serve basis," says IHDA spokesperson Bryan Zises.
Since January 2003, IHDA has allocated more than $23 million to help more than 320 families in our area. Ron Balsam, Senior Vice President of Alpine Bank, says homeownership stimulates economic growth and stability in a community.
"It's difficult for people like the Bearys. Coming out of school, they don't have the opportunity to save money. This program provides the opportunity for them to get in the house, and then it starts a chain reaction, allowing people in that house to buy up. It's good for the economy," says Balsam.
The Bearys say their new home is a dream come true, a home that represents a strong foundation as they begin their new journey as parents.
The governor allocates tax exempt bonds IHDA to finance the program. If you're interested in learning more, contact your local bank or visit www.ihda.org.