ILLINOIS (WIFR) – First time home-buyers could get record low interest rates by getting a mortgage through a new state housing program.
The Welcome Home Illinois Program provides families with $7,500 for a down payment. The mortgage would be set at a fixed rate for 30 years with an interest rate below four percent. The income limit is set up to 140% of the area median income, that means a Rockford family of three with an annual income over $90,000 could qualify.
"It's really opened up a lot of doors for us to be able to have that down payment assistance to start looking for a home and really start making our dream a reality,” said Meggi Tibbetts, a potential home-buyer.
The program is available on a first-come, first-serve basis. More than 24,000 people have already visited the website. The website can be found under the related links section.