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State Announces New Program To Help First Time Homebuyers

WTVO/WQRF - For those on the fence about buying their first home, the state is offering a little push.

WTVO/WQRF - For those on the fence about buying their first home, the state is offering a little push.

It's called the Welcome Home Illinois Loan Program.  First time home buyers can get a loan up to $7,500 from the state with an interest rate as low as 3.99% on a 30 year fixed mortgage rate.

"[This] will provide more opportunities for everyday people across Illinois to have their chance at homeownership" says Quinn.  "Homeownership and home-buying are essential to our economy.  that's why we are rolling out the welcome mat for families and hardworking men and women by giving them the resources they need to pack up and move into a new home."

Those who qualify for the program must have income limits up to 140% of the area's median income.  The home buyer must also have a credit score of at least 640.

The program is expected to be an economic stimulus of sorts.  It's expected to create 1,500 full-time jobs and bring in millions of dollars.

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