The state of Illinois has found a wonderful way to support troops from the Illinois National Guard and the U.S. Military Reserve in the state when they return home after being on active duty. The program is designed to help troops returning home to be able to afford to buy a house or pay for bills and expenses.

The program partners the state treasury, headed by Alexi Giannoulias, with banks across the state of Illinois. These “Welcome Home Loans” are designed to aid troops by providing up to $10,000 on a two-year loan. Illinois National Guard and U.S. Military Reserve members can apply for the loans within six months of returning to the states. The loans are low interest loans, designed to help them transition back into civilian life. The interest rate on these loans is capped at three percent.

Giannoulias is quoted as saying that the program will help protect troops who may otherwise fall into high-interest loans as they try to make the transition from active duty back into life as a civilian. The loans are designed to help the troops put a down payment on a home or for other purposes. They can help the troops to pay their bills on time, continue their education or even receive training for new skills.

To qualify for the Illinois program, a service member must receive an honorable discharge from duty.

In addition to this program in the state of Illinois, some veterans may qualify for a VA Home loan through the Department of Veterans Affairs. These home loans are designed to help veterans as well as some active duty personnel be able to afford a home after having served their country in the military. In addition, The unmarried surviving spouse of a veteran who died on active duty or as the result of a service-connected disability is eligible for the home loan benefit.

For National Guard members who wish to qualify for VA loan, there are some specific circumstances. You need to have six years of service, as well as meet other criteria. A service member returning to Illinois who meets both the requirement for a VA loan and for the Illinois Welcome Home Loan could be in a very good position when it comes to finding a house and being able to purchase it.