Home Buying in Grayslake>Question Details

Chelalb, Home Buyer in Grayslake, IL

Prairie Crossing Condos FHA approved?

Asked by Chelalb, Grayslake, IL Sun Feb 27, 2011

I have been looking into the unique community of Prairie Crossing but have a question... Are the condos at Prairie Crossing FHA approved? Are the majority of them currently occupied?

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Hi Chelalb,
The Prairie crossing condo's are going for a nice price these days, but be carefull of the taxes on the units, the new ones were just wholesaled out to a builder, who has finished them nicely, but the taxes are still listed as new (never occupied) at $239 per year. The already occupied condo's have a yearly tax of around $10,000 which the local assesor refused to lower.
Hopefully, and there are no promises, the taxes will be lowered to the accurate, todays market price assesment. The units out there originally sold from $300,000 to over $400,000 and up and that the value the taxes are assesed at now.
So just a warning beware and very cautious as this why many homes that sold as new ended up as short sales or forclosures, because once the taxes kicked in a year later the monthlypayment went up over $800 per month.

Feel free to call or email me if you want more info. on homes in our area.
Jim Starwalt
0 votes Thank Flag Link Tue Mar 13, 2012
It is my understanding that Prairie Crossingg condos are not on FHA approved list/ I can verify that with a lender. So if you are looking for a new construction grayslake condo there are few options that are on the FHA list. The real question that might be answered here is can there be a spot approval on units in there. Just to be clear, the FHA list just means that it is eligible for 3.5% down FHA mortgage. I think the holdup was the number of unsold new construction units in there. VA can go zero down and conventional with as little as 10% down.

Call text or email me if you would like me to get specific detailed answers and provide other options for newer construction condos in the area.

0 votes Thank Flag Link Sun Feb 27, 2011
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