Get "free equity" on a 757 Orleans purchase

757 Orleans @ Chicago, 757 N Orleans St, Chicago

“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

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