Buy a Condo for $950 Down
At OwnACondo.com, we're in a pretty unique position of being able to offer condo buyers and sellers some really amazing opportunities.
Buy a condo for $950 down? Until a week ago, it probably wasn't possible anywhere around Chicago. But, thanks to the initiative of a leading Chicago real estate developer, we've been offered the opportunity to market and sell more than 800 of his condos in several very desirable suburban Chicago communities.
What's been the barrier for so many people in the current real estate market? Primarily, the down payment. Cash-strapped individuals and couples know the sense of owning rather than renting; they certainly prefer a place of their own; but since lending practices drastically tightened recently, many people are simply finding it too difficult to scrape together the necessary cash.
Well, scrape no longer. Now qualified purchasers can buy a condo for $950 down.
Here's how it works:
- Select a one- , two- or three-bedroom condo (availability varies per location) in the $950 Program and make the down payment.
- Have an initial closing on the condo with financing provided by the developer (6.5% interest-only).
- Apply for and receive one of two popular tax credits provided by the federal government as part of the economic stimulus plan: the First-Time Home Buyer Tax Credit worth up to $8,000 or the Repeat Buyer Tax Credit worth up to $6,500 (we'll help you file an amended return to speed the arrival of the credit if you've already sent in your tax return this year).
- Put the tax credit proceeds toward what you owe on the condo. This brings up the total downpayment enough to make you eligible to qualify for conventional financing.
- Apply for financing with our exclusive lending partner in this program, Bank of America. You'll get a great rate on any number of loan products that fit your situation, including fixed, adjustable and more.
- Have a second closing with your new Bank of America loan.
Here are the suburban Chicago communities where these affordable condos are located:
- Grayslake
- Oak Lawn (three individual developments)
- Worth
- Palos Hills
- Willowbrook
Is there a catch? You betcha. The catch is you have to act QUICKLY. The program is available only as long as the government tax credits last. They're set to expire April 30, 2010. OwnACondo.com nor the developer can control that. One credit has already been extended and the other has been in existence only a relatively short time. These credits are doing what they were introduced to do: stimulate the housing market, and THEY CAN'T BE COUNTED ON TO BE EXTENDED!
Naturally, there are qualifications and requirements in order to be eligible for the intial financing, the tax credit and the condo financing from Bank of America. We can tell you all about it. If you want to buy a condo for $950 down, you simply have to make the call and contact us. We're ready to help you. Just dial 866-696-2266 and do it today.
