If you get the Wall Street Journal in Chicago, you may have noticed the 2-page spread in the weekend edition marketing American Invsco’s 200 N. Dearborn condominiums in the Loop.
It’s called the 200 N. Dearborn Chicago Stimulus Program and is limited to only 50 units for 60 days.
Here are the Top Ten Reasons to Buy (according to the ad):
- Own for less than it costs to rent: “On all of our eligible convertibles, one bedrooms, and two bedrooms, your monthly mortgage payment, taxes and assessments will be less than the market monthly rent. Our special 20% down payment interest-only financing plan makes this opportunity possible.”
- 10-year fixed 2.5% interest rate: “This is NOT an ARM (adjustable rate mortgage). The interest rate does not vary or fluctuate.”
- No principal for 10 years: “You will enjoy low monthly payments.”
- Build equity 4 times faster over 10 years: “Our equity build-up plan will allow you to pay down your principal four times as fast as a traditional loan over a 10 year period.”
- No points or mortgage insurance required
- Rate is not reliant on your credit report: “Your loan application will take into account exceptional circumstances and all reasonable borrowers will be considered.”
- Simplified loan application
- Provides protection against job loss: “If you were to lose your job, you will be allowed non-payment of your monthly mortgage payments for up to 12 months. Missed payments will be deferred until the end of your loan. You will need to remain current in regard to monthly taxes and assessments.”
- Offers custom elite upgrades
- Unit must be owner occupied: “This is a special program limited to purchasers using this unit as a residence. No investor purchases will be accepted.”
The advertisement goes on to say:
“Another benefit, due to the low mortgage interest rate, is that purchasing power is actually increasing at 200 N. Dearborn. There is also a growing sense that the first signs of a bottoming out is in sight.”
“So now is the perfect time to purchase your home in downtown Chicago. These favorable market conditions have created a once-in-a-lifetime opportunity to own your own home. We envision this program possibly being used as a national template in re-energizing the real estate market and the economy in general.”
Oh, and if you’re wondering about Reason #8, the protection from job losses, the advertisement provides more details:
“If at any time during the ten year term of the loan borrower loses his/her job, the borrower may skip monthly interest payment for up to 12 payments. If after 12 missed interest payments, the borrower is still unable to make further payments, but is current on payment of taxes and assessments, the lender will take back the unit without any further financial legal obligation, leaving the borrower’s credit rating intact. The borrower must make at least three (3) scheduled payments and be current on his/her mortgage interest, taxes and assessments in order to qualify for the Reassurance Package.” (italics are in the advertisement)
Additionally, if you’re worried about qualifying for this program, you shouldn’t be.
“Most buyers can qualify for this program regardless of price range, income, credit score, type of financing or the home you chose. This offer is limited to 50 condominiums sold or for 60 days- so don’t delay!”
Will this kind of “program” work to move condominium units?
Pre-register and get more information on 200 N. Dearborn’s special stimulus seminars website [Stimulus Seminars]
