Should Ill. be lending money to homeowners when state is running large deficit?
By Elizabeth Eisele
(KMOV.com) – News 4 has learned a program designed to help first time home buyers in Illinois will not affect the state’s budget deficit.
The program, entitled Welcome Home Illinois, gives first time homebuyers $7500 loan to help them make a down payment. Borrowers who do not default on their home loan will have the loan forgiven after five years. Gov. Pat Quinn told News 4 only families with good credit can qualify.
News 4 has learned that the program is privately funded and does not come from Illinois general revenue fund, so it does not count against the state’s deficit.