I suppose I assumed 200 North Dearborn had received approval for FHA-backed mortgages sometime in the past year or two. Guess not — according to HUD, the development received approval just two weeks ago. You learn something new every day.
American Invsco isn’t wasting any time promoting the tower’s newfound status and all those 3.5-percent down payments that come with it. The developer has cut prices on 40 converted studios and one- and two-bedrooms by 44 to 52 percent in hopes of pulling in buyers prior to the April 30 tax credit deadline. Homes once priced from the $280s to $490s are now priced from the $140s to $270s, according to Invsco’s latest e-blast.
Invsco’s preferred lenders are offering 3.875-percent, 0-point, five-year adjustable-rate mortgages, and 4.875-percent, 0-point, 30-year fixed-rate mortgages. Along with the $8,000 first-time buyer and $6,500 repeat buyer tax credits, buyers can also receive a 3-percent “cash incentive” from Invsco upon closing.
A full rundown of the discounted homes is available on the front page of 200 North Dearborn’s website. Just be careful — it says the list is “for serious buyers only.”