Hi Slpchick1, first, a warm pre-welcome to the DC area. You have gotten some great info from our realtor community, and who knew there were so many originally from Ohio. The area is wonderful, I am a transplanted Army brat that settled here myself, and filled with eclectic folks from all over the world. In addition to the great suggestions you have received already, I would suggest it is not too early to speak with a mortgage professional to plan a multipronged plan to help you acheive your goal of home ownership here in the metro area. Your mortgage pro can pull your credit, and develop strategies to get your scores as high as possible, and quite frankly, it may not be best to pay everything down to zero. It might be better to earmark that money for a down payment instead. But a good mortgage pro will be able to develop an analysis of where you are now, and where you should be when you are ready to purchase. Although no one can predict the interest rates in a year and a half, part of the analysis will cover your new home projected payments, closing costs associated with your various options, potential down payments and overall give you peace of mind in terms of what to expect when you are ready to move. I hope this makes sense, and this information helps. Again, welcome to the Washington metro area!! Jim.

Hi there,

The answer to your questions:

1) Yes, there is a way to get a home with no money down and no it is not a scam nor does it involve any shady lenders. It is available from the USDA and a reputable mortgage lender will be able to help you obtain this loan if you qualify, which is not difficult, and if the home you want to purchase qualifies. The main priority for qualification is that the home be in, what the USDA considers, a "rural" area. This DOES include areas within a 25 mile radius of Washington, DC - all of Loudoun County, Virginia, except Leesburg -as well as other areas in Maryland easily available to DC via a commute on the MARC train.

2) Currently about 80% of all home loans are done under FHA, which only needs a 3.5% down payment on homes up to a price of $417,000. Higher than that, and currently banks are required to have you put 10% down.

On your credit, it sounds like you are on the right track. Having your credit cards paid of is great, but when you do, don't put them in a drawer as some people may advise you to do. After 3 months, NOT using them will start counting against you and can cause your credit score to drop and/or your credit card company to reduce your limit. Keep a balance of some kind on them, even if it's just gas, and you can pay it off each month. Another thing that will help your credit score is to request a higher limit on them, which gives you more revolving credit and can boost your score as much as 40 points.

Even if you find a home and qualify for the no down payment USDA loan, you will still need money for fees and closing costs, as well as moving and setting up house so it's a good idea to save as much as you can.

I would be happy to consult with you on your plans and help you in any way I can. I am licensed in all three DC Metro areas of DC, MD and VA. Please feel free to email me at kputz@kangalre.com or give me a call on my cell at 703-961-8663 to talk about what areas you are interested in.

:)
Kelly Putz
Kangal Real Estate

P.S. We have a great interactive search engine on our website that allows you to search via map areas and save them for future reference.

Hi Slpchick1, I am NOT from Ohio but I am one heck of a good Realtor! If you are looking to move down this way, check out the homes in Takoma Park, MD. It is a great area in which to live, very cozy little town atmosphere and it borders DC. I just spent the whole day there showing some real charmers! Interview several Realtors before you make your decision on who you will use. We're all really good if we are still selling and by good I mean looking out for our clients! Check out our websites, mine too! All my best, Cher

I am an Ohio native too!! I love helping my fellow buckeyes! The answer is no not really. There are a few out there that do this but they are not legitimate lenders. If you come across someone like this run dont walk away from them. You want to work with an experienced realtor. What we do is refer you to lenders we know who are very good and of high professional skill. If my buyer client doesnt like my referrals I am happy to work with them to find the right lender that they will be happy with. Afterall it is the clients choice and its important they are happy with their homebuying team. What you may want to look at is the FHA loan which is currently available at 3.5% down. I am an expert with first time buyers and have a complete program to teach you how to buy your first house. Contact me for more info at arthurhardy@lnf.com or give me a call at my office 202 362-1300.

Like Joe, I am also from Ohio -- Canton to be exact -- as is my husband. Take a look at my website http://(www.rachelvalentino.com) & let me know if you would like to set up a phone appointment to discuss your situation. I'd be happy to give you some guidance for your move next year.

Thanks Slpchick1! --Rachel

Homebuyer,

I too am originially from OH (go Bucks) and have lived in the DC area for about 9 years now. I completely understand the sticker shock of home prices in our area trust me. As for being a year or so out, so much can change between now and then in terms of loans and what is out there. Currently the best bet for most people is to look at FHA financing. There are other options out there but most folks are going this route currently because it doesn't require more then 3.5% down. I would say to keep paying on the credit cards but also consider putting money aside for a down payment. The market is changing here rapidly so what is out there today probably won' be in another 2-3 months. I would love to assist you if you get to the point of looking in the area. My information is below with further information on my website.

Have a great day!

M. Joseph Reef
Coldwell Banker~Fairfax
(703) 981-8980 cell
JReef@cbmove.com
http://www.JoeReef.com
Licensed in DC & VA

In home buying you need to start with important partners.
1. A great(not just good) buyer agent.
2. A great(not just good) Loan officer.
Call me at 703 635 8209.
We can go in detail how to go about acquiring these two kinds of professionals, who can give you the correct answers that apply specifically to you.
rgds,
Ramesh

Hello! How are you doing? Hope all is well. FHA Program is a program that a lot of home buyers are using right now to purchase a house. And what areas in Washington DC are you looking to buy a house? Please go to http://www.buyandsellnewhomes.com to register and receive your free list of homes for sale in your area of choice. Also please read my blogs at http://www.GetDCSold.com. Thank you very much. Have a great day.

Greetings!

FHA loans are currently 3.5% down and offer the best alternative to no money down loans of yore. That's what's on the market now! But, of course, in 1.5 years, the conditions will likely be different and the loan programs will be different, too!

Visit our website at http://www.ReishmanGroup.com to search all active listings for free, and keep yourself up to date on the local market. We'll be happy to help you when the time comes!

Kind regards,
Courtney Poulos, Realtor, GREEN - DC, MD & VA
EcoBroker® Certified (DC, VA), Ecosociate (MD)
The Reishman Group
Coldwell Banker Residential Brokerage http://www.greenlivinganddesign.com http://www.ReishmanGroup.com

courtney@reishmangroup..com
202.387.6180 ofc