CHICAGO, IL (KFVS) - Illinois Gov. Pat Quinn has proclaimed June as Homeowner prevention month for the state.
Quinn issued the proclamation to increase awareness about state-sponsored affordable home ownership programs, and foreclosure prevention assistance that is available in the state to meet the needs of residents due to the economy.
"An important part of our economic growth is helping families own their own homes," said Quinn. "We are committed to making sure homeowners have access to the tools and resources they need to avoid foreclosure and save their homes."
SmartMove mortgage loan programs available through the Illinois Housing Development Authority (IHDA), the state's housing finance agency, allow first-time buyers and Veterans across the state to benefit from historically low interest rates and home prices.
Veterans do not have to be first time home buyers to qualify. Home buyers who qualify for the 30-year, fixed-rate SmartMove loan can receive up to $6,000 in down payment and closing cost assistance. Under the SmartMove home buyer package, buyers could potentially own a home for as little as $1,000 in many cases, according to the governor's office.
According to the press release, homeowners interested in applying for the Smartmove loan should contact an IHDA partner lender to find out if they qualify. Income and purchase price limits do apply.
For homeowners struggling in this economy, there is help available under the federal Making Home Affordable program. Qualifying owners could see their mortgage payments reduced to as low as 31 percent of gross monthly income, possibly saving hundreds of dollars a month. To find a counselor, click [HERE] and search by ZIP code.