Illinois Program Seeks to Boost G.I. 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.
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