Lennar announces new financing program

Fixed 30-year mortgage rates start as low as 2.88 percent if buyers purchase by May 31

Lennar has announced its "Let's Get America Moving" program, which offers new low financing rates through its preferred lender, Universal American Mortgage Company (UAMC).

The program is meant to make homeownership more affordable by allowing buyers the opportunity to start a mortgage at 2.88 percent for the first year, move on to 3.88 percent for the second year and lock in a 4.88 percent rate (5.40 percent APR) for the remainder of the 30-year mortgage.

Special financing on Lennar homes is available at all of the builder's new-home communities throughout the Chicago suburbs, including Arlington Reserve in Arlington Heights, Singer Landing in Lemont and Kerry Ridge in Chicago Ridge. To qualify for the program, homebuyers must close by May 31.

"Our goal is to get Chicago moving, and with such a low rate, even first-time buyers can make that jump into home ownership. So far, this new program has been extremely popular," said Leigh Nevers, vice president of marketing for Lennar's Chicago region.

For example, at communities with one- or two-bedroom duplex homes available from $190,990, homebuyers will pay as little as $857 per month for the first year of their mortgage based on a down payment of at least three percent. For homes at that price, the rate for year two of the mortgage is $961 monthly and the rate for years three through thirty is $1,072 monthly. All payments include principal and interest.

"Today's homebuyers don't realize how much mortgage money is available to them," Nevers said. "And they're especially surprised when they see that mortgage payments aren't much more than some apartment rents. Plus, buyers will be building equity and living in a new house."

According to www.apartmentratings.com, the average rent for a two-bedroom, two-bath apartment in Chicago is more than $1,800 per month.

All of Lennar's homes come with upscale features, like GE appliances, granite countertops and plush carpet, included in the price of the home. Local homebuyers can choose among Lennar's 15 new-home communities throughout Chicago's suburbs. Lennar