Mortgage Process

1. The first step is to qualify for a mortgage.  You may contact a lender on your own or you may consult with our marketing staff.
   
   
2. We will also ask that you pre-qualify with us, too.  Certain homes have income limits or may bar investor purchases.
   
   
3. Units in 2-flats and 3-flats are sold as condominiums.  We will provide you with a property report for your review.
   
   
4. You will review the types of homes and locations that are available and select one that fits your mortgage eligibility.
   
   
5. You may select upgrades at this time to get a final price for your home.
   
   
6. We will write a contract for your attorney to review.  The contract must be accompanied by a $2,000 earnest money deposit.
   
   
7. After your attorney has finalized the contract, you and our marketing staff will finalize your color and finish selections, and finalize your upgrades.  50% of the cost of upgrades must be deposited with us.  All monies will be held in an interest bearing escrow account.
   
   
8. Our Marketing staff will help you schedule homebuyer training classes.  This is a requirement for some of our homes and for some homeownership grants.
   
   
9. You will have a walk-through before closing to make sure your home is completed satisfactorily.  You may have a home inspector at this time.
   
   
10. When construction is complete and the City of Chicago has issued a Certificate of Occupancy, we will schedule a closing with your attorney.
    
    
11. Congratulations – you’re a homeowner!