“FREE EQUITY up to $6,000, only at 757 Orleans.” Those bold, red words scream across the across a full-page ad in today’s RedEye and an e-blast sitting in my inbox. @properties is making a big push on this building, promoting a combination of price cuts and low-interest mortgages with low down payments — let’s see if it gets things moving.
According to the ad, a buyer can get a condo with as little as $5,000 down. The fine print explains how:
$6,000 in equity based on lender-provided funds. Funds may be applied to down payment and/or closing costs. Buyer must contribute 1% or $1,000 of purchase price, whichever is greater. FHA approved. Minimum credit score of 620 is required. $5,000 buyer costs based on purchase price of $314,000 and lender-provided funds of $6,000.
Got it?
Also mentioned are those traditional FHA-backed, 30-year fixed mortgages with 4.25% interest rates, available with 3.5% down payments.
Remember that @properties and Gammonley Group‘s in-house sales manager, Dana Berke, are both marketing homes at 757 Orleans. Looking at their inventories together, prices for listed units are:
- Studios: $180s to $230s
- One-bedrooms: $240s to $330s
- Two-bedrooms: $360s to $480s
Amazing. We clearly have not learned from the collapse of 2008. Letting ppl buy with 1% down?? That’s as shady as they come, not surprising since gammonley group is involved. Bunch of thugs. Sheriffs come to prairie pointe looking for them all the time to serve them…but they’re long gone…