Latest Home Sale Figures Spur Developers, Local Real Estate Firm to Bring Ultra-Affordability to the Condo Market

CHICAGO, March 1 /PRNewswire/ -- With the latest statistics from the U.S. Commerce Department showing another monthly drop in home sales for January, 2010, an innovative program is being offered by Chicago real estate developers and marketed exclusively through OwnACondo.com to help people buy a place of their own.

The aptly-named $950 Down Program can be applied to more than 1,000 condominiums in 10 suburban Chicago communities, with a strong chance that more developers with additional properties and communities may join the program as word spreads.

"There really is no better way for someone to get started with home ownership in the current economy," says Brian Kuzdas, owner/founder of OwnACondo.com.

The communities where the condos in the $950 Down Program are located include:

• Naperville
• Grayslake
• Willowbrook
• Geneva
• Lisle
• Lyons
• Chicago Ridge
• Oak Lawn
• Worth
• Palos Hills

Condos available in the program include one, two and three bedroom residences, depending upon location, at various prices.

In general, the program works like this: Buyers interested in taking part must qualify with a specific minimum credit score and must also qualify for the government-sponsored First-Time Home Buyer Tax Credit, worth up to $8,000, or the Repeat Buyer Tax Credit, worth up to $6,500.

Buyers put $950 down and receive short-term financing from the developer until they receive their tax credit, which must then be applied to the principal owed on the condo. Buyers then apply for refinancing with a lender of their choice, or with the preferred lending partner for this program, Bank of America.

The deadline for the tax credits expires April 30, 2010, which is also the deadline for the $950 Down Program. An amended tax return can be filed if the buyer has already submitted his or her tax return this year.

"These tax credit incentives, which are part of the federal government's economic stimulus plan, have meant the world to people who need a helping hand to buy," says Mr., Kuzdas.

More information can be obtained by calling OwnACondo.com toll-free at 866-696-2266.  

SOURCE OwnACondo.com