Buying a Home Has Never Been Easier for Illinois’ Veterans

Originally posted 2009-04-16 05:00:53. Republished by Blog Post Promoter

The Illinois Housing Development Authority is willing to help any armed service person to purchase a home if he or she has one thousand dollars in saving to apply towards the purchase of a home.

The program is called “G-I Loans for Heroes”.  The serviceperson would, however, have to have two mortgages.  

The first mortgage will have a low interest for eighty percent of the purchase price.  The second mortgage has an interest rate of zero for the remaining twenty percent of the purchase price up to $40,000.  The serviceperson will also receive a grant of up to two thousand five hundred towards closing cost.  In addition, the serviceperson would have to attend homeownership counseling.

To qualify you must be:

• an honorable discharged veteran
• currently in the armed services and a first time home buyer
• a first time home buyer in the reserve and currently on active duty

The serviceperson can purchase a single family home, condominium, or duplex. 

For further information contact the Illinois Housing Department Authority at http:www.ihda.org or call them toll free at 800 942 8439 or 312 836 5244.