NPR logo
Illinois Program Seeks to Boost G.I. Homeowners
  • Download
  • <iframe src="https://www.npr.org/player/embed/10166168/10166169" width="100%" height="290" frameborder="0" scrolling="no" title="NPR embedded audio player">
  • Transcript
Illinois Program Seeks to Boost G.I. Homeowners

Business

Illinois Program Seeks to Boost G.I. Homeowners

Illinois Program Seeks to Boost G.I. Homeowners
  • Download
  • <iframe src="https://www.npr.org/player/embed/10166168/10166169" width="100%" height="290" frameborder="0" scrolling="no" title="NPR embedded audio player">
  • Transcript

A new program in Illinois is designed to help more veterans and active duty military personnel become homeowners.

STEVE INSKEEP, host:

A mortgage loan program being announced today in Illinois is intended to help veterans and active-duty military avoid predatory lending. It's called the GI Loan for Heroes program. It's intending to offer below-market interest rates on 30-year fixed rate mortgages. The idea is to help GIs who deployed too early to establish a credit history. Apparently, you can't impress lenders by running up a lot of charges on your Visa card when you're in Kandahar or Ramadi.

First-time homebuyers can now get into a house with $1,000 down payment. Although this program is not huge to start with, the Illinois Housing Development Authority will invest about $15 million in the program's first year, hoping to help 120 people become homeowners.

Copyright © 2007 NPR. All rights reserved. Visit our website terms of use and permissions pages at www.npr.org for further information.

NPR transcripts are created on a rush deadline by Verb8tm, Inc., an NPR contractor, and produced using a proprietary transcription process developed with NPR. This text may not be in its final form and may be updated or revised in the future. Accuracy and availability may vary. The authoritative record of NPR’s programming is the audio record.

Comments

 

Please keep your community civil. All comments must follow the NPR.org Community rules and terms of use, and will be moderated prior to posting. NPR reserves the right to use the comments we receive, in whole or in part, and to use the commenter's name and location, in any medium. See also the Terms of Use, Privacy Policy and Community FAQ.