October 3, 2009 – The list of Chicago real estate developments that are applying for FHA approval gets longer every day. The list of buildings that have actually received approval increases at a much slower pace, but you can now add Library Tower to it. The 18 story high-rise from Lennar Homes just recently was approved and the developer didn’t waste any time advertising the fact.

The headline on the building’s site read, “Library Tower is now officially FHA approved! Only 3.5% down ties it up!” Their last promotion was a 4.75% fixed interest rate though their preferred lender, but that offer ended on September 30th. With a new incentive on the table nearly every month, we’ll have to wait and see if Lennar serves up another one or just runs with the FHA approval for now.

Library Tower, located on 520 South State Street, has a total of 184 Chicago condos. The interior finishes are pretty much standard, with the hardwood flooring, large windows, stainless steel appliances and granite counter tops. The building amenities include a 24 hour door person, theater room, business meeting room, fitness center, party room and roof top sun deck and private park.

Prices on the remaining unsold one to two bedroom units at this development may have gone down just a bit, and they are currently being marketed for between the $220,000s and $730,000s.

And remember that there are quite a few Downtown Chicago Condos that have also received FHA approval.

[tags]Library Tower, Chicago Condos, Chicago Real Estate[/tags]

This entry was posted on Saturday, October 3rd, 2009 at 7:16 pm and is filed under Mortgage Information, Suburbs.