First-time buyers find many reasons to buy now

After years of renting apartments, Amy Major of Wheaton has been ready to own a home for quite some time.

So when the 33-year-old Plainfield teacher and her boyfriend, Rob Wash, a Joliet truck driver, saw the good deals available on new homes, they decided to jump into the market and take advantage of the discounts, low interest rates and tax credit now available.

After shopping around, they signed a contract with Cambridge Homes in March for a 1,600-square-foot home with three bedrooms and two baths at Patriot Square in Plainfield. They expect to move in July 14.

"We got a 5 percent interest rate; a $2,000 credit for using Cambridge's lender; and got a $240,000 house for $188,000," Major said. "Of course, we then added in some upgrades, so we will be paying more than $188,000 for the place."

"The $8,000 tax credit that the government is offering also played a part in our decision," she added.

"How could we not buy? I was paying $900 a month in rent and for only $1,400 a month we are paying for a home that we will eventually own," Major explained. "We are very excited."

Chances are Major and Wash will not regret their decision. Brittney Misialek and Anthony Venetucci closed on a townhouse at Lakewood Crossing in Hampshire last June.

"We saw the way the economy was looking and decided it would be a good investment to buy now while the prices were down," Misialek, an online cartographer, recalled.

"The buyer who was originally going to buy our unit was going to pay $160,000. They pulled out and we got it for $147,000 including upgraded trim and flooring and an enlarged bath," she said.

A year later they are very pleased with their decision to purchase the two-bedroom, 11/2-bath townhouse with a loft from Lakewood Homes.

"It is great. We are not throwing our money away on rent anymore," the 23-year-old explained. "It was a good choice."

Keith Lichthardt and Colleen Parker are similarly thrilled a year after closing on their townhouse at Cambridge Lakes in Pingree Grove.

"We were planning to keep renting but for the price of renting these days, we found we could buy a place," Lichthardt, a salesman in Deerfield, said. "We decided that it was a good investment and the price was right. We even got some upgrades and lots of amenities like cherry cabinets, wood railings, tile floors, a fireplace and a two-car garage."

Their two-bedroom, 11/2-bath townhouse with an office listed in the $230,000s but they got it for "around $200,000," Lichthardt said.

"We absolutely love our townhouse. We have already refinanced and brought our payments down even further," he added.

A condominium in Forest Park was the choice of Naperville natives Adam Boyajian and Jennifer Groner.

"We knew that we would be getting married soon and the market was in a place where we could afford to buy," Boyajian explained.

So they purchased a 1,400-square-foot two-bedroom condominium with a den, laundry room and two baths from Focus Development at the Residences at the Grove. They closed in February and received a $70,000 price reduction on their unit, which had been the building's model.

"We love the place and we love Forest Park," Boyajian, a 24-year-old Lombard teacher, said. "We want to move on and do bigger and better things in our lives and we see this as a great first step."

This is truly the perfect time for first-time buyers, in particular, to purchase a home because interest rates are low, many prices have been reduced, free options are being offered and the federal government is offering a tax credit of up to $8,000 to first-time buyers and those who have not owned a house in the past three years.

Here are some of the extraordinary deals builders are offering:

•One of the most interesting incentive programs is being offered by Country Club Villas in Joliet. First-time buyers can take advantage of one of two incentives through July 1. They can get a brand new 2009 Nissan Sentra free or $15,000 worth of furniture plus the services of an interior decorator from Carson Pirie Scott. Call (815) 582-3081.

•Buyers at KLM Builders' Thousand Oaks single-family home community in Spring Grove can take advantage of KLM's Buy Now Build Later program. KLM will take $50,000 off the base price of any to-be-built house, provided that it is purchased by June 30. You must start construction before the end of 2009 and take delivery in 2010. Call (815) 675-0011.

•Lakewood Homes is offering $25,000 in options for a limited time, as well as interest rate buy-downs and job loss insurance for the first two years of homeownership at its four communities in Hampshire, Carol Stream, Joliet and St. Charles. With this insurance, if you lose your job, they will pay your mortgage for as many as six months. Call (847) 884-8800.

•Smykal Associates is offering different incentives at different communities. At Ravine Woods in Channahon buyers can enjoy $30,000 in options or upgrades on any to-be-built single family home. At the nearby Carriage Homes of Ravine Woods, also in Channahon, Smykal is offering $60,000 off the price of its fully-loaded models.

In Minooka at River's Edge Landing buyers can take $20,000 off the base price of any to-be-built single-family home. Options such as central air conditioning, oak flooring in the foyer, kitchen and dinette and a wood-burning fireplace are free in select homes.

Buyers at Smykal's single-family home community in Joliet, Ashford Place, can save thousands in free upgrades and options on things like wood-burning fireplaces, super baths, stainless steel appliances and decks. Call (815) 467-1800.

•From now through June 30, buyers at Airhart Construction's Radcliff Ridge in Lisle can claim a home-plus-lot package and take advantage of a $20,000 incentive that can be applied toward the options or upgrades of their choice. Call (630) 665-5700.

•Pulte Homes is offering several interest rate promotions at their eight communities in towns like Yorkville, Lake Zurich and Oswego. For instance, if you close before June 30, you can lock in an interest rate of 4.25 percent. Slightly higher rates are available for those who close by dates as late as Oct. 31. Call (866) 785-8325.

•Buyers at Verseman Development's Lyons Ridge single-family home community in Cary can claim a $25,000 discount off the price of any design/build home. Call (847) 516-9277.

•J. Lawrence Homes is offering 30 percent off on all options and 3.5 percent financing at their Silver Leaf community in Joliet. And at the Midlane Club golf course community in Wadsworth they are offering a $40,000 discount on all to-be-built single family and estate homes. The 3.5 percent financing deal is also good here. Call (630) 281-4730.

•Focus Development is offering a second parking space, a $22,000 value, on all remaining immediate delivery two-bedroom condominiums at their Courthouse Square building in Wheaton. While at Residences at the Grove in Forest Park they are offering buyers a credit of three percent on the purchase price which they can use toward closing costs, loan buy-downs or prepaying association dues. This only applies to contracts signed by the end of July and they must close within 30 days. Call (847) 441-0474.

•At Optima - Old Orchard Woods in Skokie, Optima Inc. is offering a $10,000 incentive on its one-bedroom units, a $20,000 incentive on its two-bedroom units and a $30,000 incentive on its three-bedroom units for people who close within 60 days. Call (847) 583-4700.

•Shodeen Residential is discounting base prices by $25,000 for the first 15 people who purchase a home at the Herrington Place condominiums within Mill Creek in Geneva. In addition, they are offering a low-deposit incentive. With a reservation check of only $500, you can lock in today's low price and reserve the unit of your choice until construction begins in the spring of 2010. Call (630) 258-5835.

•At Butternut Ridge, a single-family home community in Manhattan, Distinctive Companies is offering a $25,000 credit through June 30. The credit can be used to purchase options and upgrades or it may be applied toward closing costs. Call (815) 478-0700.

•Marquette Companies is offering up to $15,000 in incentives like custom paint packages, builder-paid assessments, a one-year spa services package or a two-year membership at their Front Street Lofts development in Lemont. They are also offering job-loss mortgage insurance if you lose your job within 24 months of closing and both home price and mortgage rate guarantees. Call (630) 243-6162.

•C.A. Development is offering a stimulus program at its three communities on Chicago's Northwest side - Edgebrook Glen, Mayfair Crossing and the Residences of Old Irving Park. They have a special mortgage buy-down that lowers the interest rate on conforming loans to four percent for the first two years. They are also offering six months of free mortgage payments or a $15,000 closing credit on immediate occupancy homes or on new homes to be built at Edgebrook Glen and Mayfair Crossing. Call (773) 631-9225.