First-Time Homebuyers Get Help From State Program
SPRINGFIELD, Ill. (CBS) -- First-time homebuyers are getting help from the state in the form of a state program that's using $200 million in bonds.
As WBBM Newsradio 780's Dave Dahl reports, the new homeowners have plenty of options.
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Angela Page-Diop, 39, wanted to be a homeowner before she turned 40. Now, she is living the American dream.
"I love it. We have plans for a basketball court; we have a hoop up in the back. We have a fireplace; I'm looking forward to the cold weather and watching movies," Page-Diop said, "and we didn't have that before."
The registered nurse and mother of two qualified for downpayment assistance for SmartMove, a new program operated by the Illinois Housing Authority.
The program offers up to $6,000 for a downpayment and closing costs, as a 10-year 0 percent forgivable loan, Illinois Realtor explains.
The state has issued tax-exempt bonds to help up to 1,300 first-time homebuyers using the program, which helps people with family incomes of up to $81,000.
Realtors and bankers like the program too.
Page-Diop is living in a $157,000 home in Springfield. Its value is well above the market's median of $109,000.
