Looking to buy a West Loop condo this month? Willing to spend a Saturday afternoon at an information seminar about government-backed mortgages? If so, you might be able to swing a purchase of a home at Emerald, 123 S Green St, without paying a cent in closing costs.
Emerald’s developers will cover the closing costs for anyone who buys a condo within 48 hours after attending an on-site seminar on July 18. The session, which starts at noon, will focus on Federal Housing Authority and Veterans Administration-backed loans and give buyers an opportunity to receive pre-qualification from Lincoln Mortgage and Funding Corp, Emerald’s FHA-approved lender.
Emerald received FHA backing in May, and is one of four West Loop developments approved for government-insured mortgages, according to a media release from Senco Properties. More than 60 percent of the twin-tower project’s 212 homes are sold and occupied by approximately 160 residents.
The media release doesn’t offer an estimate, range or average for buyers’ closing costs, but I should hear back from developers sometime soon and will pass along whatever information I receive.
According to a recent price sheet, Emerald’s one-bedroom / one-bath units, which range in size from 765 to 900 square feet, are currently priced from the $270s to $380s, with monthly assessments of $225 to $265. Two-bedroom / two-baths with 1,250 to 1,297 square feet are priced from the $390s to $620s, with average monthly assessments of $345.
For more information about Emerald’s FHA/VA seminar, call Daniel Delaney at 773-328-7636.
UPDATE: According to sales manager Joe Dupor, closing costs at Emerald tend to be 1 to 3 percent of a home’s purchase price, meaning developers could pay approximately $2,700 to $8,100 in closing costs for the least expensive one-bedroom to $6,200 to $18,600 for the most expensive two-bedroom.
Related posts:
• Sales update: Property Consultants helping investors rent out Emerald condos (June 16)