The state is adding another $5 million to its program to help veterans buy homes. The Welcome Home Heroes program offers veterans, guardsmen and active duty military personnel a cheap 30-year mortgage – 3.25 percent is the rate today – and $10,000 in down payment assistance. Sgt. Eric Sereda and his wife Sharon bought their house in Westchester through the program.
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“It’s probably the easiest $10,000 I ever made,” Eric Sereda said Monday at a news conference at his house at which the governor announced the expansion of the program. “It helped us in getting into the home and being newlyweds, and with the wedding and everything. It was just an outstanding program, and I just want the veterans out there and service members to know how easy this is.”
All veterans are eligible to participate. Active military personnel, reservists and Illinois National Guard members must be first-time home buyers to take part. Applicants also must fall below income limits (roughly $90,000 in the Chicago area, $80,000 in McLean County and $77,000 in the Rockford area and $72,000 around the rest of Downstate for a family of two) and the home being purchased must not exceed certain limits. Details are at www.ihda.org.
Applications are submitted at local banks. The money comes from the Illinois capital program.
The governor says this program is a way to show veterans the appreciation of the people of Illinois, and to help build stable communities and revitalize the housing market.