Welcome Home Heroes - $10,000 Forgiveable Loan!
Launched to honor those who sacrifice to safeguard our freedom, Welcome Home Heroes is open to all qualified Illinois veterans, active military personnel, reservists and Illinois National Guard members.
The Welcome Home Heroes homebuyer financing package includes:
• a $10,000 forgiveable loan over two years for down payment and closing cost assistance
• a 30-year fixed rate mortgage that has an affordable interest rate
• an optional mortgage credit certificate to reduce federal income tax liability.
Eligibility:
• Veterans (who need not be first-time homebuyers)
• Active military personnel, reservists and Illinois National Guard members (must be first-time homebuyers)
• Buyers must qualify based on income and purchase price limits.
How to apply
Go to our 'Preferred Mortgage Lenders' page and contact Brad at One Mortgage. Or you may continue to read below and apply through another lender in your area.
Interested buyers must apply through a lender in their area. The program only applies to 1-2 unit residential properties in the State of Illinois purchased as a primary residence. The new loan builds on the existing affordable home loan, SmartMove, also available through IHDA's lenders.
How does the tax credit work?
A mortgage credit certificate (MCC) enhances the benefit of the federal homeowner mortgage interest deduction. Homeowners with the credit are allowed to use 20 percent of their annual mortgage interest as a direct federal tax credit, resulting in a dollar-for-dollar reduction of their annual federal income tax liability. The remaining 80 percent of their annual mortgage interest will continue to qualify as an itemized tax deduction.
To read more about this program or for further details on how the mortgage credit certificate works, you may log on to the IHDA website where this information above was copied for your reference.
http://www.ihda.org/homeowner/heroes.htm
The Welcome Home Heroes homebuyer financing package includes:
• a $10,000 forgiveable loan over two years for down payment and closing cost assistance
• a 30-year fixed rate mortgage that has an affordable interest rate
• an optional mortgage credit certificate to reduce federal income tax liability.
Eligibility:
• Veterans (who need not be first-time homebuyers)
• Active military personnel, reservists and Illinois National Guard members (must be first-time homebuyers)
• Buyers must qualify based on income and purchase price limits.
How to apply
Go to our 'Preferred Mortgage Lenders' page and contact Brad at One Mortgage. Or you may continue to read below and apply through another lender in your area.
Interested buyers must apply through a lender in their area. The program only applies to 1-2 unit residential properties in the State of Illinois purchased as a primary residence. The new loan builds on the existing affordable home loan, SmartMove, also available through IHDA's lenders.
How does the tax credit work?
A mortgage credit certificate (MCC) enhances the benefit of the federal homeowner mortgage interest deduction. Homeowners with the credit are allowed to use 20 percent of their annual mortgage interest as a direct federal tax credit, resulting in a dollar-for-dollar reduction of their annual federal income tax liability. The remaining 80 percent of their annual mortgage interest will continue to qualify as an itemized tax deduction.
To read more about this program or for further details on how the mortgage credit certificate works, you may log on to the IHDA website where this information above was copied for your reference.
http://www.ihda.org/homeowner/heroes.htm