Island Lake, IL - (July 17, 2007) - Residential Homes of America, Inc. (RHA) has announced that it is currently offering special finance programs for buyers at Walnut Glen, its luxury single-family community located in northwest suburban Island Lake. For a limited time, when using RHA’s preferred lenders, RHA is offering qualified buyers the chance to ‘buydown’ the interest rate on their mortgage up to one-percent, which translates to significant monthly savings over the course of the loan. The first deliveries have begun at this community, which borders the Black Crown Forest Preserve. Walnut Glen is planned for 222 luxury single-family homes on one-quarter acre and larger home sites, with prices starting at $296,990. Five beautifully decorated and fully furnished models are open for tours everyday.
“There’s a lot of uncertainty with buyers this summer due to the fluctuations and news coming from the mortgage industry and we want to put buyers at ease with their
home purchase and help them realize their dreams,” said Ann Danner, president and
owner of Residential Homes of America, Inc. “Along with our preferred lenders, we have begun a rate buydown program which allows buyers to lower the interest rate of their home loan for the entire length of the loan. This means real cash savings every month when compared to paying the same loan amount at a higher rate. Today, buyers need all the extra cash they can get and this is one way we are helping them achieve their goals.”
Walnut Glen is a beautiful enclave style neighborhood that borders the majesty of the Black Crown Forest Preserve in northwest suburban Island Lake. The Black Crown Forest Preserve is combined with the Moraine Hills State Park to the northwest of Walnut Glen, for total of over 3,000 acres of forest preserve land.
Buyers have been impressed with this neighborhood’s gently winding streets, quiet cul-de-sacs and relaxed character, with many of the home sites backing directly to the forest preserve. Pocket parks, numerous water features and walking/biking trails are also part of the landscape.
RHA offers nine great floor plans at Walnut Glen, sized from 1,909 to 3,483 square feet. There are eight two-story plans, each with three to five bedrooms, 2-1/2 baths, full basements, central air conditioning and attached two or three-car garages. The ranch plan features two to three bedrooms, two full baths, full basement, central air and a two-car garage. Prices begin at just $296,990.
After buyers tour the five beautifully decorated and themed models at Walnut Glen, they can sit down with a representative from one of RHA’s preferred lenders
(National City Mortgage, Bank of America and Great Lakes Home Mortgage) to review the available finance programs and see which one is the best fit for their individual needs.
By offering buyers a rate buydown instead of a cash discount on the home price, RHA can save buyers much more money over the course of their mortgage. For instance, a cash discount of $12,000 on a $300,000 mortgage saves $65.84 per month at
6.5-percent. The same $12,000 used to buydown the rate one-percent, to 5.5-percent, saves $182.83 per month, or a difference of $116.99 for every month of the mortgage. This means that since buyers will save over $40,000 over the life of a 30-year loan, they can purchase more home right from the start and/or select extra luxury features to put into their home.
“Interest rate buydowns really work to the buyer’s advantage in many ways, from saving them cash every month due to the lower interest rate while also giving them more spending power at the time of their purchase, so they can buy a larger home or one that has some deluxe features they really want, without actually spending more than they initially budgeted for,” Danner said.
Each home at Walnut Glen features a long list of included amenities such as 9’ first floor ceilings, hardwood or ceramic tile in the foyer and powder room, kitchens with 42” cabinets and center islands or peninsulas (per plan), a luxury master bedroom suite with one or more walk-in closets and a private ceramic tile bath, full basements and central air conditioning.
At Walnut Glen, RHA also offers its ‘Good Ideas’ special features that are available with every home. The list is long and interesting and ranges from a computer
center in the kitchen to a gift-wrapping center in the mud room. Other ‘Good Ideas’
include closet storage lockers, sitting benches in convenient places, built-in ironing boards in the laundry rooms, dual laundry rooms, wine coolers, twin dishwashers, a whole house backup generator package and plasma television pre-wiring. In all, there are over 35 ‘Good Ideas’ to choose from at this community.
“Shoppers who visit Walnut Glen and tour the models are encouraged to talk with one of our mortgage specialists to see how much money they may be able to save with an interest rate buydown when the purchase a new home at this community. Walnut Glen has become a much talked about destination for homebuyers who want a truly special neighborhood and with the finance programs we offer, the dream of moving to this community can become a reality,” Danner said.
Residential Homes of America, Inc. has been recognized for the highest standards of quality and integrity with the Diamond Builder Designation from the Home Buyers Warranty Corporation for its superior workmanship and spotless claims record. RHA
is the only homebuilder in Illinois to receive the coveted award, which is a one-time only, lifetime award given only to those builders who have demonstrated at least a five-
year track record of offering the highest standards of construction, design and customer service in their markets based on strict criteria.
Walnut Glen is located in northwest suburban Island Lake. To visit, take Route 176 to Darrell Road, north 1-1/2 miles to Neville Road, west on Neville Road to Dowell Road, south on Dowell to the Walnut Glen Information Center on the west side of the street. Or, take Route 120 west to Darrell Road, south 1-1/2 miles to Dowell Road, south
one mile to the Walnut Glen Information Center and models. The information center and models are open from 11 a.m. to 6 p.m. daily and Sunday from Noon to 5 p.m. Call (815) 344-3030 for more information or visit rhahomes.com.
