State unveils new program for homebuyers, refinancers

Illinois formally announced the successor to its wildly popular Welcome Home Illinois home purchase program, and this time, repeat buyers and homeowners seeking to refinance their mortgages may be eligible for the loans.

Dubbed @HomeIllinois, the new program will offer a 30-year, fixed-rate, affordable loan and grants of $5,000 to help with a down payment or closing costs. Buyers must contribute $1,000 or 1 percent of the purchase price, whichever is greater…Please click here to read Mary Ellen Podmolik’s story in the Tribune, here for the press announcement or here to learn more about @HomeIllinois.