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If you’ve spent much time browsing the Internet in search of deals on Chicago-area homes, you may have come across a few new Web sites promoting new financing offers on new and recently rehabbed homes. Three that we’ve seen — HomesUnder1k.com, 8KToday.com, and BuyBelowBuilderCost.com — are run by Fresh Horizon Realty, a local brokerage that is working with community banks and developers to sell new and recently rehabbed condos and single-families well below builder costs before they go into foreclosure or short sale.
According to the Web sites, buyers who select homes through Fresh Horizon’s plan can take advantage of special financing plans through Lincoln Mortgage & Funding, including:
- No interest for 12 months on a 3.99-percent, 30-year fixed-rate mortgage with a 20-percent down-payment
- No interest for six months on a 4.24-percent, 30-year fixed / blended mortgage with a 10-percent down-payment
- 4.41-percent blended mortgages with a 5-percent down-payment
- 4.99-percent mortgages with no down-payment
Buyers who reach Fresh Horizon through contact info fields or a phone number listed on the Web sites can get more information on homes by area, price, or mortgage preference. Although the sites don’t give details on the specific units or addresses covered in the program, they do say that the homes are found in neighborhoods like Bucktown, Edgewater, Humboldt Park, Irving Park, Lake View, Lincoln Park, Logan Square, Noble Square, Old Town, Pilsen, Ravenswood, River West, Rogers Park, Roscoe Village, Ukrainian Village, and Uptown, as well as in the village of Niles.
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