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Lennar Corp. is offering Chicago-area buyers some short-term bargain financing this month through its mortgage subsidiary.
The Miami-based builder has previously offered this type program in Illinois and around the country since last fall, said John Mini, regional manager for Universal American Mortgage Company, the Lennar subsidiary originating the mortgage loans.
Buyers who can close by May 31 with a down payment of 10 percent may qualify for a 30-year mortgage loan at 5.4 percent for most of its term. During the first two years of the loan, Lennar will underwrite part of the cost to lower the monthly payments.
That reduces the interest rate by about 2 percent the first year and 1 percent the second.
The buyer who puts 10 percent down on a $190,990 house would save about $3,573 over the 24 months, said Mini.
To see more of the Chicago Tribune, or to subscribe to the newspaper, go to http://www.chicagotribune.com. Copyright (c) 2008, Chicago Tribune Distributed by McClatchy-Tribune Information Services. For reprints, email tmsreprints@permissionsgroup.com, call 800-374-7985 or 847-635-6550, send a fax to 847-635-6968, or write to The Permissions Group Inc., 1247 Milwaukee Ave., Suite 303, Glenview, IL 60025, USA.
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