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New Loan Program Claims to Help First Time Home Buyers

ROCKFORD- A new state program could help many Americans reach their dream of being homeowners.
"We have to have affordable mortgages that's what the Welcome Home Illinois Mortgage is all about," said Governor Pat Quinn at a press conference in Rockford. (see attached video) 

And thanks to the new state program, the dream many Americans have of owning a home is that much closer to being a reality. Roscoe native Meggi Tibbetts has already been pre-approved for the program. Her and her fiancé could get up to 75-hundred dollars in down payment assistance.

"This is it! This is our first opportunity to buy a home and we're really excited with this program the Welcome Home Illinois Program. 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 making our dream a reality," said Tibbets. 

Experts say a lot of people in the stateline could benefit from this program because it targets middle class families.

"It has higher income qualifications in that you can make a little bit more money than the previous ones so it opens the door to many homeowners that were shut out before because they made just a little bit too much money," said Ginger Sreenan.

Sreenan says with this program first time buyers like Tibbetts will  be able buy the house of their dreams.

"It will make the amount that they can purchase higher not only because the down payment requirement will be met by this program but the interest rate also is so low that it makes the affordability of a little higher priced house much better also," said Sreenan. 

The value of houses in the stateline have decreased in recent times but Sreenan is optimistic that will soon change.

"Because we don't have as many houses on the market right now the supply is down and demand obviously will be going up with a program like this that I think we'll start to see some rising in these house values," said Sreenan.

"It's gonna be a lifetime investment for us and something we looked forward to for a very long time," said Tibbets.

For more information on this program you can go to welcomehomeillinois.gov

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