Libertyville, IL - (September 17, 2007) - Residential Homes of America, Inc. (RHA) has unveiled several innovative programs designed to help buyers make the transition to the active adult lifestyle at Victoria Park, RHA’s active adult community in north suburban Libertyville.  RHA has three special programs designed to assist buyers in several ways at Victoria Park, including an exciting program that will pay up to six months of the buyer’s mortgage on their existing home, if the home is unsold at the time they close on their new home at Victoria Park.  The other programs are a one-percent buydown of the buyer’s interest rate on their new mortgage and up to $12,000 of free options for their new Victoria Park home. 

Victoria Park is a 52 home maintenance-free community that has been designed expressly for buyers 55 years old and better, who want to lead a socially and recreationally active lifestyle.  The community includes a beautiful park setting and a fully featured on-site clubhouse and social center.  Victoria Park features townhomes

available in both ranch and two-story designs, priced from $349,990.  Visitors can tour beautifully decorated and fully furnished models daily.

“With the current market conditions, active adult buyers have been hesitant to purchase a new home if they foresee having difficulty selling their existing home.  Since these buyers usually have a lot of equity in their current home, this is an understandable reaction.  We have debuted several programs at Victoria Park to help buyers ease the burden of selling their home, while making it financially attractive to purchase a new home at the same time,” said Ann Danner, president and owner of Residential Homes of America, Inc. (RHA).  

RHA’s program will pay the mortgage on a buyer’s existing home (up to a total of $12,000) for up to six months after the buyer closes on their new home at Victoria Park.  Buyers who take advantage of this program also need to only put down $10,000 on their new home until they sell their existing home, when they will make up the balance of the standard 10-percent down. 

This program allows buyers greater flexibility to have extra cash on hand during the time they may own two homes.

“What we’ve done with the program is to give buyers at Victoria Park approximately one year to sell their current home, by allowing for six months of construction time on their new home and up to six months of payments paid by RHA after they close.  The active adults who have taken advantage of this program have been relieved to have a large burden taken off of them as they transition to their new lifestyle,” Danner said.

Another component of the mortgage payment program is giving buyers important tips about selling their current home, with the goal of making it sell more quickly.  Buyers are advised to work with a real estate professional, so their home can be priced and presented properly for the fastest possible sale.  Often times, many buyers tend to overprice their existing home compared to what it may have sold for last year and they need to realize that a home that is priced right will sell much quicker and save them money in the long run.

RHA is also offering an incentive program that is ideal for buyers who do not have an existing home to sell (perfect for those buyers looking to purchase a second home) or for those who are in a relocation or work transfer situation.  RHA offers these buyers up to $12,000 in free options to select for their new Victoria Park home.

RHA calls its options ‘Good Ideas’ because they are unique and practical upgrades that customers have been asking for.  Good Ideas can range from a computer center in the kitchen to a gift-wrapping center in the mud room.  Other Good Ideas include closet storage lockers, conveniently placed sitting benches, built-in ironing boards in the laundry rooms, dual laundry rooms, wine coolers, twin dishwashers, a whole house backup generator and plasma television pre-wiring.  In all, there are over 35 Good Ideas to choose from at this community.

The third special program for Victoria Park buyers is a one-percent buydown on the buyer’s new mortgage, when they secure financing through one of RHA’s preferred lenders (National City Mortgage, Bank of America and Great Lakes Home Mortgage.) 

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 example, a cash discount of $12,000 on a $300,000 mortgage saves about $66 per month at 6.5-percent.  The same $12,000 used to buydown the interest rate one-percent, to 5.5-percent, saves almost $183 per month, for a difference of nearly $117 for every month of the mortgage versus a cash discount.  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 new home.

“A fair amount of active adult buyers still take out a mortgage for various reasons and by offering them a rate buydown, we are allowing them to save money each month, which gives them extra cash on hand and helps to reduce their monthly living expenses.  Any of the three programs we’re offering at Victoria Park can be attractive to our buyers and we have designed them to appeal to their different needs,” said Danner.

Complete details on the special programs being offered at Victoria Park are available from the sales center.  While visitors are learning about the programs that can save them money on their new home purchase, they can also tour the clubhouse and walk the neighborhood, to experience firsthand how beautiful this community is.

A lighted, tree-lined walking path gives residents an easy and enjoyable path to the clubhouse, which is located towards the rear of the community for privacy.  The clubhouse highlights a furnished clubroom with fireplace and a fully appointed kitchen that makes it easy to host that big party.  Residents can reserve the clubhouse for private parties or family get-togethers and entertain in style.

The clubhouse also features a fitness center with the latest in state-of-the-art exercise equipment.  Periodic visits from a personal trainer to assist residents on the best ways to most effectively use the equipment are also provided.

RHA offers three floor plans at Victoria Park, sized from 1,768 to 2,172 square feet in both ranch and two-story layouts.  The homes feature two bedrooms, den, up to

2-1/2 baths, full basements and attached two-car garages.

Every home includes a luxury master suite with walk-in closet and private bath,

9’ first floor ceilings, central air conditioning and hardwood or ceramic tile in the kitchen, entry foyer and powder room.  Additional showcase features are a deluxe kitchen with 42” cabinets, built-in microwave and oven with separate cooktop, along with center islands or peninsulas (per plan).

Best of all, as a true maintenance-free community, residents enjoy complete freedom from outdoor landscape maintenance, with all lawn mowing and snow shoveling taken care of by the monthly association fee.

“We realize that buyers may be somewhat uncertain as to whether to make the transition to active adult living due to the current market conditions, but contrary to what many people may think, now is actually an excellent time to purchase a new home.  By taking advantage of the buyer assistance programs we are offering at Victoria Park, active adults can purchase a beautiful new home at this community and start enjoying a recreationally active and socially engaging lifestyle while minimizing their concerns over selling their existing home,” 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.

Victoria Park is located in Libertyville, on the north side of Peterson Road (Route 137), approximately one mile west of Milwaukee Avenue.  The sales center is located at 1850 Torrey Parkway and is open from 11 a.m. to 6 p.m. Monday through Saturday and Sunday from Noon to 5 p.m.  For more information call (847) 367-0300 or visit rhahomes.com.

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