Honoring veterans through mortgage assistance
Homebuyer program(s): In addition to the SmartMove Trio program, which offers first-time buyers “an affordable” 30-year fixed-rate mortgage, up to $6,000 for down payment and closing cost assistance, and a federal tax credit, Illinois’s Welcome Home Heroes program offers veterans up to $10,000 in down payment and closing cost assistance, a 30-year fixed-rate mortgage (including FHA, Conventional, VA, and USDA) with a “competitive” interest rate, and a federal tax credit which can reduce the federal tax liability by up to $18,000 over the life of the loan.
Veteran population: 764,203
Notable military bases in state: Scott AFB, Rock Island Arsenal (Army base), Great Lakes Training Center (Navy)
Average home price: $130,710
Tim Manni is the Managing Editor of HSH.com and the author of the site's daily blog, which concentrates on the latest developments in the mortgage and housing markets.
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