Archive for February, 2010

$950 Down Payment Program Has EXPANDED!

Friday, February 19th, 2010

Brand new information as of this hour: The $950 Down Payment Program has expanded to include FIVE MORE communities!

Hot on the heels of our recent announcement that you can now buy a condo for $950 down , we’re pleased to announce the program is now available for selected properties in these additional communities:

  • Naperville
  • Lyons
  • Lisle
  • Geneva
  • Chicago Ridge

Those new developments join an impressive roster of condos in that are already part of the $950 Down Payment Program in the following areas:

  • Willowbrook
  • Grayslake
  • Worth
  • Oak Lawn
  • Palos Hills

That’s now a total of more than 1,000 individual condos at numerous properties in some really outstanding suburban Chicago communities. There’s definitely one out there for you!

It’s easy to understand how the program works.

  • Put $950 down on a condo of your choice
  • Close on the condo with developer-provided financing
  • Immediately apply for one of the government-sponsored tax credits: the First-Time Home Buyer Tax Credit worth up to the $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 tax credit if you’ve already filed your taxes this year.
  • Apply all the tax credit funds toward paying down the condo, which effectively raises your equity enough to qualify for conventional financing. You then…
  • …re-finance with our exclusive lending partner, Bank of America, at a great rate.

Now, of course, you need to be eligible for financing and the government-sponsored tax credits in order to take part in this program. That’s perfectly understandable. You’ll work with a representative from Bank of America to check your credit and see if you qualify for financing. Pretty standard stuff. But because this incredible  $950 Down Payment Program has expanded, you just have to take that no-cost step to at least inquire. Contact us and we’ll put you in touch with just the right person at Bank of America.

And remember, Bank of America, the exclusive lending partner in this program, is the largest bank holding compny (by assets) in the entire United States.  We’ve partnered with an organization with real condo financing power in this tight economy.

If you’re wondering how to get started, here’s all you do: Give us a call, toll-free, at 866-696-2266.  Let us know what interests you, in terms of community, type of condo, price range, etc.  We’ll answer your questions.

It’s important to be aware of an extremely important deadline: April 30, 2010. That’s not far off at all. That deadline exists because that’s when the government-sponsored tax credits expire. So although the $950 Down Payment Program has expanded, the tax  credit expiration deadline looms.

Don’t delay.

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Condos in Miami

Friday, February 19th, 2010

Condos in Miami
The most difficult part about shopping for condos in Miami is narrowing down the search, because the city and Miami-Dade County in general have some of the best condos in the United States, when it comes to location and amenities.
Of course, price and location are always among the most important issues to considering when shopping for a condo. But there are condos available in nearly every neighborhood and price range. In the past 20 years, the skyline of Downtown Miami has been transformed by the numerous high-rise condo towers have sprouted up, and the same has occurred in communities throughout the county. The pace of construction has slowed somewhat in recent years because of the downturn in the economy, but there are more than enough to choose from. And the upside to a bad economy for buyers is that real estate costs have come down considerably across the board.
If living amid the hustle and bustle of Downtown Miami doesn’t interest you, there are many other neighborhoods to choose from too, including Brickell and Coconut Grove, and numerous other attractive communities throughout Miami-Dade County, including Aventura, Sunny Isles Beach, Miami Beach and others.
Of course, beachfront condos are among the most sought after, and usually the most expensive, but the great thing about condos in Miami, or Miami-Dade County in general is that no matter where you live, you are never too far from the beach.

The same can be said for shopping and dining opportunities, and the vibrant nightlife and culture of the area is always within easy reach too. Some of the most upscale condos in Miami are in resort-like communities such as Miami Beach and Sunny Isles Beach, both located on barrier islands just minutes from Miami, but far enough away to feel like an escape from the city.

 Sunny Isles Beach is in northeast Miami-Dade County, between Miami and Fort Lauderdale, on an island between the Intercoastal Waterway and the Atlantic Ocean. Such well known developers as Donald Trump have built fantastic high-rises along the main street of Collins Avenue, within steps of ocean beaches and sheltered marinas.

Collins Avenue also runs south through Sunny Isles to the nearby island community of Miami Beach, situated between Biscayne Bayand the Atlantic Ocean. Most of the condos there are within sight of its world-famous South Beach.

If you are not ready to buy condos in Miami just yet, either as a primary residence or as investment property, there are other options. Many condo developments, including the most upscale, have condos for rent, either on a short- or long-term basis.

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$950 Down

Monday, February 15th, 2010

$950 Down

There is no better time than the present to buy condos, because along with low interest rates and tax incentives that make it a buyer’s market, motivated developers are offering incentives such as the $950 down program, which allows qualified buyers to get their own condo for an initial down payment of $950.

That’s right, just $950 is all that is needed as a down payment to buy one of the hundreds of  condos being sold through the condo program for people with credit scores of at least 620. More than 820 condos located in developments throughout the Chicago area are available for $950 to first-time buyers and repeat buyers, with initial 6.5 percent interest-only financing provided by the developer.

One-. two- and three-bedroom condos with prices as low as $69,900 are available in attractive developments such as Grays Point in Grayslake;  Waterfall Glen  in Willowbrook; Lloyd Place in Worth; Scenic Tree in Palos Hills; and the Oak Lawn developments of Menard Manor and Park Place.  Monthly payments for the condos, including assessments, average between $750 and $1,000.

But the time is limited for those who want to take advantage of the program, which will end April 30, so anyone interested is advised to act quickly and lock in a deal for the condo of their dreams. The deadline coincides with the expiration date for the Government-Sponsored  Tax Credit, which participants in the $950 down program will apply for and receive after the initial land contract, and use to build up their down payment for a conventional loan. First-time home buyers could get as much as $8,000 as a tax credit, or $6,500 for a Repeat Buyer.

When the buyer refinances, within 18 months, the tax refund will go toward the down payment. Bank of America, the exclusive partner of OwnACondo.com, can gets loans with excellent interest rates that could be  as low as 5.25 percent.

The $950 down condo program is especially good for people who are renting, and would like to buy a condo, but might have thought they could not afford one. You can’t beat $950 as a starting price, and there are a lot of condos to choose from.

All the condo developments are in great suburban locations. Many buildings have been recently renovated, and they all have attractive amenities inside and outside the buildings. They are close to transportation, shopping, restaurants and parks, too.

 In short, you can’t really go wrong with the $950 down program. It is one of the best incentives anyone could ask for to become a property owner.

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Buy a Condo for $950 Down

Monday, February 15th, 2010

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.

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Why Should I Buy Now?

Tuesday, February 2nd, 2010

All we hear right now is about unemployment, health care reform and bailouts.  That doesn’t mean there has not been talk of the real estate market and what is happening in that part of the economy.  The question I am hearing more each day is, why should I buy now?  Depending on who you listen to the market may or may not be at its bottom and who in all reality can forecast it.  Many of those so-called forecasters were the ones that missed all aspects of the economy as it was tumbling downward.  And down is not always a bad place to be since the only other way is up.  Whether we are at the bottom, close to the bottom or on our way up it is a good time to buy your home or condo.

Why should I buy now?  There are several factors that are in your favor by acting now.

Pride of ownership is the number one reason people want to buy a home.  Home ownership offers you and your family a sense of stability and security while making an investment in the future.

Home ownership is currently one of the best tax shelters available with the volatility of today’s stock market.  Mortgage interest is fully deductible on your tax return which lessens your tax burden year after year.

Mortgage reduction builds equity in your home.  Each month you make a payment the principal portion of your loan goes down and as the principal goes down and the price of your home goes up, you are building equity or more asset value.  

Another reason to ask yourself why should I buy now is interest rates are lower than they have been in years.  Do you realize that you may be able get a 30 year fixed rate for less than 5% which makes a purchase start to look very appealing and if you tie that with anticipated inflation you will be paying back the loan with devalued dollars meaning you are getting more for your money than when you started. That means you can afford more home or if you want you can buy a more reasonably priced home and keep the payments low, maybe even less than you are paying in rent.  Would you have imagined several years ago that you could get free money and a great interest rate on buying a home?  If you are like most of us you would have laughed us out of the place, but it is happening now.  We would never have guessed it just like we are never going to guess the bottom of the housing market.  So just do it!

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Buy a Condo

Monday, February 1st, 2010

There are a few things to consider when you buy a condo.   Many people make the mistake of shopping for a condo the same way they would for a house.  It is a similar investment but there are several things you need to consider.  Many people want to buy real estate to be free of the hazards of apartment dwelling.  When buying a condo you are buying a piece of a larger property, basically an apartment.  Next, there will be regulations.  Condo associations have regulations and bylaws that you must abide by.  With the associations you will need to know where your money is going.  What does the association fee take care of and what is the breakdown.  Next is to thoroughly review emergency maintenance plans. When you buy a condo you are buying a larger piece of real estate, other people’s problems can also affect you.  Be sure you know the emergency numbers for your association and what problems they cover.  Lastly, you should have an inspection before you buy. You not only want the unit evaluated but the entire building and grounds. 

Another area to consider when you buy a condo is the community in which you are buying.  Does it fit the lifestyle you want?  What is the financial status of the condo association?  How many units are vacant and how many units are rented?  If at all possible, talk to some of the unit owners and find out if they are happy living there, how well the complex is being run, or if they have had past problems and how those problems were resolved.  Remember you are buying into an entire community and it is important that you know all you can before making a decision.

Condo living offers so many advantages and can accommodate many different types of people.  It has become increasing popular with singles all the way to retired couples.  Buying a condo is a very viable option for anyone who wants maintenance free living and the freedom to spend their free time as they wish not being pinned down with snow removal, lawn maintenance, or any of the other activities owning a single family home requires.  Condo living can also offers many types of amenities not otherwise affordable such as, pools, tennis courts, exercise rooms and much more.  All the reasons above is why condo living has become such an attractive home ownership option.  If you are thinking of purchasing a home in the near future you may want to consider the condo lifestyle.

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