On Monday, June 2, Recorder of Deeds Karen Yarbrough was pleased to welcome Governor Pat Quinn as her special guest, the first of many interesting guests she promises to bring to her CAN-TV show, “Housing Matters with Karen Yarbrough.”
Yarbrough and Quinn discussed a variety of issues related to housing, but most of the discussion focused on the “Welcome Home Illinois” homebuyer incentive program. The program is geared towards first-time homebuyers (or anyone who hasn’t owned a home in three years), and provides up to $7,500 cash assistance to cover down payment and a 30-year fixed rate mortgage with a below market rate. Governor Quinn mentioned that the rate currently stood around 3.65%.
There is also a component to the program for veterans, called “Welcome Home Heroes,” which offers up to $10,000 to cover a down payment.
According to a media release:
According to the Illinois Association of Realtors (IAR), every home sold generates two jobs and $60,000 in ripple effects to the overall economy. This impact has already been realized statewide with other IHDA programs. In 2013, 3,000 families purchased homes through one of IHDA’s programs, generating 1,500 jobs and infusing $70 million into Illinois’ economy. Projections show that even just a 15 percent increase in 2014 could generate an additional 1,725 jobs and infuse another $10 million into Illinois’ economy.
In addition to helping homeowners, the program is expected to have a positive impact on Illinois’ economy overall:
• 1,500 full-time jobs.
• $50 million from real estate-related industries.
• More than $40 million in economic activity for the state.
• Additional $16 million in other statewide spending.
Here are the details and eligibility for the program:
A live caller in his 20s asked if it was a good time to purchase a home, given the past turmoil in the markets and the economy, and the Governor stated that with this program and the nascent economic recovery in Illinois, if a buyer locates the right home and has the resources, he thought it was a good time to act.