No Down Payment? Just Need $100 to Buy This 1-Bedroom at 1525 S. Michigan in the South Loop
This 1-bedroom loft at 1525 S. Michigan in the South Loop just came on the market. (For some reason, I don’t think I have a picture of this building in my archives. Sorry.)
It is owned by HUD.
It has exposed brick and what looks like timber ceilings with diagonal hardwood floors.
The kitchen cabinets appear to be intact but the appliances are missing.
There isn’t a picture of the bathroom.
The unit is on the first floor and has a balcony as well as underground garage parking.
There appears to be central air and there should be washer/dryer hook-ups in the unit (if the old listing from 2008 is to be believed.)
Don’t worry if you don’t have any money for a down payment. According to the listing:
Choose FHA financing to qualify for $100 down payment.
With just $100 down, even though you have to buy some appliances, this would definitely be cheaper than renting in the neighborhood, right?
Will this go under contract this week?
Loose lending is back!
Anthony Trotto at Anthony Trotto Real Estate has the listing. See the pictures here.
Unit #104: 1 bedroom, 1 bath, 975 square feet
- Sold in January 2004 for $219,000
- Sold in April 2009 for $232,500 (included the parking)
- Lis pendens foreclosure filed in December 2012
- HUD owned in August 2015
- Currently listed for $190,600 (includes the parking)
- Assessments of $336 a month (includes cable, internet, exterior maintenance, scavenger and snow removal)
- Taxes of $2557
- Central Air ? (probably)
- Washer/Dryer hook-ups (according to 2008 listing)
- Fireplace
- Bedroom: 11×13
By the way, the 2009 buyer (who bought AFTER the crash of the financial system) only put down a down payment of $7760 on a $232,500 property.
The low down payment sounds like a recipe for disaster. This particular unit is subpar – low level, looking out at a alleyway.
I also wouldn’t want to live so close to a church. It brings way too many people into the neighborhood. I suppose living across from that church is better than living across from this cult: https://www.facebook.com/True-Rock-Ministries-181651021870520/
Or this church that is falling apart and killing people: http://chicago.cbslocal.com/2014/09/04/woman-killed-by-falling-bricks-outside-south-loop-church/
There are entirely too many churches in the South Loop.
right on the train tracks? and isn’t there some rule that if there’s no appliances you can’t get FHA financing? Then again the pics could be total shite and from many years ago for all I know. I just find it hard to believe that you can do 100 bucks down… pretty sure even with FHA you have to pay the up front mortgage premium on at least 1.5% of that
For some reason my previous comment is “awaiting moderation,” so I will try again but without links:
The low down payment sounds like a recipe for disaster. This particular unit is subpar – low level, looking out at a alleyway.
I also wouldn’t want to live so close to a church. It brings way too many people into the neighborhood. I suppose living across from that church is better than living across from this cult:
Or this South Loop church that is falling apart and killing people.
There are entirely too many churches in the South Loop.
The $100 down program is for homes that have been foreclosed by HUD. Fannie/Freddie also have special programs where they don’t require the same stringent guidelines to help move properties they took back in foreclosure. Don’t even need an appraisal or require mortgage insurance.
A quick google search turns up this advert announcing:
“$100 Down Program. HUD is offering several new sales incentives on HUD homes that will make these homes more affordable for homebuyers?
“Who qualifies?
Owner Occupant Buyers Using FHA Financiing”
http://www.chasehomestore.com/sellers/100-down-payment-program/