Nov
03

The New Condos of Gallery at Gateway Centre in West Chicago

November 03, 2009

gatewayThe Gallery at Gateway Centre is a community of 39 new condos in West Chicago in an attractive mid-rise building located near downtown.  First-time purchasers can now take advantage of a variety of tax credits and financing specials designed to save big money on a new home.  Buyers who qualify for all the special programs currently available can save tens of thousands of dollars over the life of their mortgage, according to Kathy Szukalski, listing broker for The Gallery at Gateway Centre.

“Many people aren’t aware that these tax credits and loan programs even exist, as the media has not reported much on them. But collectively, these government and lender programs provide a lot of flexibility and leverage to people who never thought they would be able to afford a brand new condominium,” Szukalski said. “It’s truly a ‘perfect storm’ scenario for shoppers who have never owned a home before. This is by far the absolute best time to buy, and the window is closing fast on these outstanding opportunities, which may never come along again.”

There are four fantastic reasons to consider purchasing a new Gallery at Gateway Centre condominium right now.  If Congress extends the federal tax credit for first time buyers into 2010 these incentives become even more relevant this coming spring.  Qualified first-time buyers can:

  • Claim a Mortgage Credit Certificate (MCC), offered by the City of West Chicago through the Illinois Housing Development Authority (IHDA) for a limited time, that can yield a 20% tax credit on annual mortgage interest if they close before December 1, 2009 (other restrictions apply; for full details, visit IHDA).
  • Take advantage of the federal government’s $8,000 tax credit, if they close before December 1, 2009. Buyers can claim the credit on either their 2008 or 2009 tax returns, and the credit does not have to be repaid—provided the home remains your primary residence for 36 months after the purchase date (for more details and provisions, visit www.federalhousingtaxcredit.com).
  • Apply to IHDA for a Home Start Tax Credit Advance Loan—an interest-free loan of up to 3.5% or a max of $6,000—which can help you tap into the $8,000 federal tax credit refund in advance to use as a down payment on a home purchase. To remain interest-free, the loan must be repaid before June 30, 2010; the borrower also must close before December 1, 2009.
  • Capitalize on a special 1% down payment loan program, with no private mortgage insurance required, on loans up to $225,000 (3% down with no PMI for returning buyers and for loans over $225,000)—available through Midwest Funding, one of Gateway’s preferred lenders. Eligible loans include 30-year fixed at 5.78% interest and 5-year ARM at 4.9% interest (rates subject to change without notice; other restrictions apply).

With a MCC, homeowners are allowed to use 20 percent of their annual mortgage interest as a direct federal tax credit, resulting in a dollar-for-dollar reduction of their annual federal income tax liability. And the remaining 80 percent of their annual mortgage interest still qualifies as an itemized tax deduction.

The Gallery at Gateway Centre sales information center is now open weekdays 10 a.m. to 5 p.m. (phone 630-562-1884 Monday through Friday) and weekends by appointment (phone 708-927-5400 on Saturday or Sunday or to schedule a weekend visit.  For more information, visit the Gallery’s Web site at www.wegocondos.com

About The Author

Read All Stories By Walsh Communications

Lynn Walsh is the President at Walsh Communications, LLC. Walsh Communications is a full-service public relations, marketing and advertising agency for home builders and real estate-related industries.

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