Crain’s Chicago Business is reporting that some new condo developments in areas including River North, Lincoln Park, and the West Loop are offering low interest, low down payment financing to spur sales.
Tightened financing for new condo developments has been holding back sales so the banks that financed the developers are now offering attractive financing to condo buyers reasoning that they’d rather have several smaller loans than have the developers default on bigger loans.
Most conventional mortgages for condos require a minimum 10% down payment and rates have been around 5.25% recently. Banks for a few new condo developments are now offering 4.375% 30 year fixed rate mortgages with only 5% down required, even for investors. In addition, private mortgage insurance isn’t required for down payments below 20%. One of the developments offering this financing is Sono in Lincoln Park shown left.
As with any new home purchase, contact me before you visit the sales offices!
ABOUT THE AUTHOR
Fran Bailey shows, previews and tracks downtown Chicago homes for sale giving her the insights needed to help her clients negotiate the best price and terms. Fran has been quoted in numerous Chicago and national publications. To schedule showings of listings regardless of broker or to contact Fran email her at fran.bailey@bairdwarner.com or call 773.793.4516. Learn More
Fran Bailey, Realtor
