IL License

A & N Mortgage Services, Inc.'s mission is to provide you with high quality programs tailored to fit your unique situation at some of the most competitive rates in the nation. Our professionals are accessible around the clock, and strive to obtain the best mortgage and real estate options, no matter the situation.

Illinois Residential Mortgage Licensee #MB.0006638 FL#MLD288 IN#11122 IA#2006-0064 MA#MC19291 MI#FL0012625 WI #19291BA NMLS# 19291

Friday

The 'Welcome Home Illinois Loan Program"

The state of Illinois started a huge advertising campaign 2 weeks ago for a new program called "Welcome Home Illinois". Your members may be calling for more information. The program gives 1st time home buyers (a buyer who hasn’t owned a home in the last 3 yrs. ) $7,500 towards the purchase of a new home which is a forgiven loan after 5 yrs . 

The interest rate is set by the Illinois Dept. Of Affordable Housing and they are offering below market rates. There are income limitations and they go by total household income not applicant income , a family of 3 or more can’t make more than $106,000.00  Below are the highlights:
  • $ 7,500 forgiven loan after 5 years
  • Below market interest rate
  • Reduced PMI rates
  • As little as 3% down
  • Down payment can be 100% Gifted
  • Conventional , FHA and VA products available
I’ve worked with the state's down payment assistance programs for many years and the down side had always been that the state’s interest rates were always .50% - .75% higher than what I could offer in the secondary market. This is the 1 st time they are offering below market rate so there’s really very little downside.