Marquette Bank Encourages Home Building with Summer Home Buyer Incentive Program
Marquette Bank, a locally-owned neighborhood bank, has launched a new program for the summer home building season, offering $8.5 million in incentives to help buyers purchase existing homes, condos, lots, land or built-to-suit homes from the bank’s real estate developers and builders with Marquette Bank financed properties. The $8.5 million is set aside in a special fund as part of the Summer Home Buyer Incentive Program to provide subsidized loans to home buyers.
“The number of people interested in building a new home has increased significantly during the first part of the year,” said Lee Zagrakalis, executive vice president of Commercial Banking. “Our goal is to provide affordable options for these people by offering financial incentives and below market rates while also helping our builder customers and stimulating the local real estate market.”
Marquette Bank has been offering various types of incentives for the past 2 years as a way to spark local real estate activity and help support its builders and developers. The bank has given away $11.5 million in special incentives since 2010 and loans made under the programs are held in Marquette Bank’s portfolio rather than being sold into the secondary market. This allows for the underwriting process to be much more flexible in terms of credit score, lower down payment and avoiding expensive private mortgage insurance. Buyers realize immediate savings on the cost of the loan.
Over 40 local builders and developers, who are customers of Marquette Bank, are participating in the program, representing hundreds of properties throughout Chicago and especially on the southside and southwest suburbs. Below is a partial list of developments with qualified built-to-suit home sites or lots available under the Summer Home Buyer Incentive Program:
Abbey Woods Subdivision, Frankfort – Townhome sites located at SE and SW corner of Colorado Avenue & Abbey Drive.
Cherry Hill Subdivision, New Lenox – Single-family home sites in ranch and two-story designs (1,800 to 3,600 sq. ft.), including look-out and walk-out lots, in a natural setting close to Old Plank Trail bike path.
Crystal Creek Estates, Homer Glen – Single family homes built-to-suit located South off of 159th Street between Bell and Will/Cook Roads.
Deer Haven Estates, Orland Park – Custom built two-story and ranch executive homes located in Orland Park on 143rd Street, two blocks east of Wolf Road.
Enclave Luxury Townhomes, Manteno – Townhomes featuring two bedrooms, an attached garage, full basement and up to 3,450 square feet, located off of I57 at exit 322, right on frontage road for 1⁄4 mile then left onto Cook Street to Enclave Lane.
Glenview Walk Estates Subdivision, Homer Glen – Upscale subdivision with walking paths, ponds and large home sites. North off of 159th Street between Cedar and Parker Roads.
Heritage Meadows Subdivision, Bourbonnais – Single family home sites located off of Route 45/52 in Bourbonnais.
Misty Falls Subdivision, Frankfort – Misty Falls consists of semi-custom and custom single family home sites in both ranch and two-story designs and is located in Frankfort at Laraway and 116th Avenue.
Olde Mill Subdivision, Orland Park – Single family home sites surrounded by green space and access to a bike trail located at 108th Ave. and 173rd Street.
Preserve at Cardinal Creek, Beecher – Duplex homes located off of 394 South (merges with Rt. 1 - Dixie Hwy) turn East on Indiana Avenue for one mile to Cardinal Creek Blvd. on the left.
Rachel Ridge Subdivision, New Lenox – Semi-custom and custom home sites in both ranch and two-story designs located in New Lenox at Laraway Road, one block West of Spencer Road. Community has access to 40+ acres of school ground, parks & ball fields and easy access to downtown with the new Laraway Road Metra Train Station just two blocks away.
Skyharbor Subdivision, New Lenox – Single family home sites located just South of Laraway Road and School House Road.
Stonebridge Woods Subdivision, Homer Glen – Located just off of 159th Street - 1⁄4 mile west of Parker Road. This beautiful development features Exclusive Single Family Home sites with scenic ponds as well as the combined 25 acres of open space, including a 5 acre wooded preserve.
Water Chase Estates, New Lenox – Oversized single family home sites located on the South side of Laraway Road, 1/4 mile East of Cedar Road.
While the emphasis of this program is on new construction homes, this program is also available for qualified properties owned or financed by Marquette Bank, including sales of existing model homes, and also owner-occupied and investor condominiums, vacant land sales (both individual lots and bulk lot sales) and construction financing. Some of the packages offer up to 90% financing on qualified condo units.
The subsidized funding is available until October 1, 2012 or until the $8.5 million dollars in the fund is used up. Loans must be funded no later than March 31, 2013 to qualify. For more information on Marquette Bank’s Summer Home Buyer Incentive Program or for a complete list of qualified properties, call 1-708-364-9050.
About Marquette Bank:
Marquette National Corporation is a $1.7 billion diversified financial holding company for Marquette Bank. Marquette Bank has been a locally-operated bank providing personalized banking service since 1945. Marquette Bank is a full-service, customer-focused neighborhood bank that serves the financial needs of Chicagoland communities, offering an extensive line of financial products including retail banking, mortgages, trust and business banking, free Online Bill Pay and free Automated Telephone Banking. Marquette Bank’s retail branches are located in Chicago, Aurora, Bolingbrook, Bridgeview, Evergreen Park, Hickory Hills, Lemont, New Lenox, Oak Lawn, Oak Forest, Orland Park, Romeoville and Summit, Illinois. Marquette Bank customers have convenient free access to over 43,000 Allpoint and Starsf ATMs worldwide.
Marquette Bank is an Equal Opportunity Lender, Equal Housing Lender and Member FDIC. Follow Marquette Bank on Twitter or like the Bank on Facebook for special offers and news. For more information visit: http://www.emarquettebank.com or call 1-888-254-9500.