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Sneed: Quinn plans mortgage program for first-time home buyers

Sneed exclusive . . .

Gov. Pat Quinn is throwing out the welcome mat!

Sneed has learned Quinn plans to announce a new state-subsidized mortgage loan program Monday for first-time Illinois home buyers.

“This program is not for millionaires,” Quinn told Sneed.

“This is for everyday people, living check to check, who once didn’t have a shot at becoming a homeowner because of the economic downturn.”

“Now they will have that chance,” said Quinn, who has titled the mortgage plan the Welcome Home Illinois Loan Program.

“There is a pent-up demand by young people who weren’t able to buy a home due to the economic crash,” he said, “And we project this plan will help thousands of prospective home buyers.

“Hey, it’s the first sign of spring and when people start looking to buy a home — and that’s why we are announcing it next week,” he added.

◆ Fact: The plan will give eligible first-time home buyers a 30-year fixed mortgage offered by the Illinois Housing Development Authority at below market interest rates, according to Quinn. (Right now, the average 30-year fixed rate mortgage charges 4.4 percent interest.)